SHANGHAI, Aug. 26 (SMM) – The People’s Bank of China (PBOC) announced to cut the reserve requirement ratio (RRR) and lower key interest rates overnight. Thus, SHFE 1611 nickel gaped higher at RMB 75,750/mt and then moved lower before ending at RMB 75,900/mt.
The most traded contract once touched a low of RMB 74,200/mt after starting at RMB 75,500/mt on Wednesday. The contract finally finished the day at RMB 74,360/mt, gaining 1.03%. Trading volumes decreased 72,318 to 576,000 lots whereas positions were up 10,384 to 242,000.