SHFE Nickel Edges Up (Jul. 15 , 2016)

SHANGHAI, Jul. 15 (SMM) – SHFE 1609 nickel opened at RMB 81,590/mt overnight and then dipped to RMB 80,620/mt due to the unexpected result of no rate hike by the BoE. The contract stabilized at the 5-day moving average before closing at RMB 81,360/mt.

SHFE 1609 nickel started at RMB 81,350/mt on Friday and once sank to RMB 80,100/mt. In the afternoon business, the contract ranged RMB 80,700-81,200/mt and closed at RMB 81,200/mt, up 0.31%. Trading volumes fell 108,000 to 978,000 lots and positions were down 6,090 to 480,000.

China’s economic figure beat forecast while crude steel output hit a new high. SHFE 1609 nickel may fall back tonight with good news absorbed by market in advance.