SHANGHAI, Jun. 30 (SMM) – The most active SHFE 1509 nickel opened lower at RMB 88,880/mt Monday evening and followed LME nickel to drop, to close at RMB 87,770/mt, down 2.87%.
The contract immediately fell to a daily limit after starting Tuesday trading session at RMB 87,580/mt as Russian nickel was announce to become deliverable brand on the SHFE and as Greek failed to pay debts to IMF today. The metal moved between RMB 87,330-87,700/mt and ended the day at RMB 87,330/mt. Trading volumes fell 237,000 to 121,000 lots and positions dropped 2,938 to 235,000.
Decline in LME nickel turned to slow during European and US trading hours. SHFE 1509 nickel is expected to fall further this evening.