SHFE Nickel Edges down (Jul. 14 , 2016)

SHANGHAI, Jul. 14 (SMM) – SHFE 1609 nickel opened at RMB 80,800/mt overnight and then ranged between RMB 80,200-81,100/mt with closing prices at RMB 80,560/mt. Trading volumes fell sharply by 611,000 to 395,000.

SHFE 1609 nickel started at RMB 80,670/mt on Thursday and once sank to RMB 79,710/mt, affected by US antidumping investigation on China’s stainless steel. In the afternoon business, the contract rose to RMB 82,000/mt and closed at RMB 81,770/mt, down 0.07%. Trading volumes fell 552,000 to 1.09 million lots and positions were up 466 to 486,000.

British pound surged before the rate decision meeting of the Bank of England while Japanese yen slumped. Overall sentiment is cautious. SHFE 1609 nickel may fall back in the short run after posting gains in advance.