SHANGHAI, Aug. 12 (SMM) – SHFE 1509 nickel started at RMB 81,240/mt for night trading Tuesday. LME nickel posted large drops due to devaluation of Chinese yuan. But SHFE nickel headed for stabilization and closed at RMB 81,980/mt.
SHFE nickel opened Wednesday trading session at RMB 82,020/mt and once dipped to RMB 80,050/mt as LME nickel tumbled because of ongoing drop in China’s currency. Later, the contract rallied to regain some losses and finally ended at RMB 82,690/mt, edging down 0.43%. Trading volumes fell 8,210 to 506,000 lots and positions slipped 7,886 to 116,000. Positions of 1509 copper decreased, a sign of SHFE 1601copper shifting to the most traded contract.