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

Published: May 29, 2015 17:55

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SHFE 1507 nickel started at RMB 101,000/mt Thursday night and fell quickly.

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.

nickel prices SHFE 1507 nickel

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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