SHFE Nickel Prices Off 0.64% (2016-8-31)

SHANGHAI, Aug. 31 (SMM) – On Tuesday’s night trading, SHFE 1701 nickel opened at RMB 77,980/mt and then rebounded. The contract later ranged between RMB 78,300-78,500/mt after a slight decline and closed at RMB 78,470/mt.

On Wednesday, SHFE 1701 nickel started at RMB 78,490/mt. SHFE 1701 nickel have moved between RMB 77,800-79,000/mt for four days in a row. The contract ranged between RMB 78,250-78,650/mt on Wednesday. During the afternoon business, SHFE 1701 nickel fell due to rising US dollar and ended at RMB 78,060/mt, down 0.64%. Trading volumes were up 78,000 to 435,000 lots and positions were down 1,224 to 587,000.

Eyes should be on US’s August ADP employment data on Wednesday on Wednesday’s night. SHFE 1701 nickel should keep fluctuating on Wednesday’s night trading.