SHFE Nickel Prices Down 0.99% (2016-8-26)

SHANGHAI, Aug. 26 (SMM) – On Thursday’s night trading, SHFE 1701 nickel opened lower at RMB 77,900/mt with weak LME nickel and then moved between RMB 78,100-78,700/mt before closing at RMB 78,380/mt.

On Friday, SHFE 1701 nickel started at RMB 78,450/mt and then stabilized at RMB 78,400-78,600/mt. Market players were cautious and took a wait-and-see stance before speeches by the US Federal Reserve Chair Janet Yellen . During the afternoon business, SHFE 1701 nickel advanced to RMB 78,790/mt and later dropped before ending at RMB 78,310/mt, down 0.99%. Trading volumes fell 596,000 to 467,000 lots and positions dropped 11,000 to 600,000.

Eyes should be on Janet Yellen’s statement tonight. SHFE 1701 nickel should not post sharp declines tonight unless speeches delivered Yellen delivers are hawkish.