SHFE Nickel Closes Lower (2016-8-23)

SHANGHAI, Aug. 23 (SMM) - On Monday’s night trading, SHFE 1701 nickel opened at RMB 80,520/mt and then rebounded to the 5-day moving average before closing at RMB 81,030/mt.

On Tuesday, SHFE 1701 nickel started at RMB 81,040/mt and rose to a session-high of RMB 81,480/mt. During the afternoon business, SHFE 1701 nickel ranged between RMB 81,000-81,350/mt with falling LME nickel and ended at RMB 81,110/mt, down 0.33%. Trading volumes fell 191,000 to 412,000 lots and positions dropped 17,000 to 605,000.

SHFE 1701 nickel should fluctuate at lows tonight with resistance at the 40-day moving average.