[Ni Price] SHFE Nickel Falls below RMB 83,000/mt (Jul. 27, 2015)

SHANGHAI, Jul. 27 (SMM) – SHFE nickel advanced to RMB 84,940/mt after opening last Friday evening session at RMB 83,290/mt, to end at RMB 84,510/mt, up 1.38%.

SHFE 1509 nickel started at RMB 84,650/mt during Monday trading session and dived to RMB 83,280/mt due to longs’ exiting market. Later, the contract hovered around RMB 84,000/mt. China’s stocks plunged 8.48% and thus SHFE nickel dropped below RMB 83,000/mt, to close at RMB 82,650/mt, down 0.85%. Trading volumes fell 65,460 to 631,000 lots but positions grew 2,110 to 189,000.

SHFE 1510 nickel is expected to stay at lows this evening with shorts gathering strength.