SHANGHAI, Jul. 6 (SMM) – SHFE 1509 nickel opened at RMB 89,100/mt last Friday evening session and hovered between RMB 88,300-89,000/mt, to finish down 0.45% at RMB 88,840/mt. Positions increased 4,842 to 197,000.
The most trading contract started Monday trading session at RMB 88,450/mt. Greek people voted “no” in Sunday’s referendum and risk of a Greek exit grew, driving dollar up and base metals down. China’s A-share fell in the afternoon, fueling market panic. As a result, SHFE 1509 nickel dipped to RMB 85,260/mt, a fresh low since its launch, to end down 4.7% at RMB 85,530/mt. Trading volumes fell 32,582 to 498,000 lots while positions were up 1,560 to 194,000 with shorts gathering strength.
SHFE 1509 nickel should fluctuate at low this evening as LME nickel failed to rebound during European and US trading hours and as worries about Greek debt issues rose.