SHFE 1507 Nickel off 1.91% on Growing Shorts (May 29, 2015)

SHANGHAI, May 29 (SMM) - SHFE 1507 nickel started at RMB 101,000/mt Thursday night and fell quickly responding to the drop in China’s A-share, to fluctuate between RMB 100,000-100,700/mt. The contract finally closed down 0.67% at RMB 100,450/mt.

Moreover, the most traded SHFE 1509 nickel started at RMB 99,140/mt and ended down 0.88% at RMB 98,590/mt.

Friday the July-delivery nickel contract on SHFE started at RMB 100,570/mt before falling below RMB 100,000/mt. Later, the contract touched an intra-day low of RMB 97,740/mt with shorts gathering strength. The metal finally finished at RMB 97,600/mt, off 1.91% after rebounding to resume some losses. Trading volumes fell 82,298 to 463,000 lots whilst positions were down 28 to 116,000.

SHFE 1509 nickel opened Friday at RMB 99,140/mt and dropped to end at RMB 97,600, down 1.88%. Trading volumes slipped 15,376 to 196,000 lots whereas positions jumped 290 to 144,000.

SHFE 1507 nickel may edge down tonight. LME nickel hovered around the 5-day moving average during European and US trading hours.