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SHFE Nickel Prices Up 1.35% (2016-9-23)

iconSep 23, 2016 18:14
Source:SMM
SHFE 1701 nickel opened at RMB 82,070/mt and finally closed at RMB 82,620/mt, up 1.35%.

SHANGHAI, Sept. 23 (SMM) – On Thursday’s night trading, SHFE 1701 nickel started at RMB 82,260/mt and then swung largely. US dollar dropped due to lower-than-expected US eisting home sales for August but later rebounded. Crude oil soared with falling inventory but then declined. SHFE 1701 nickel advanced to RMB 82,460/mt and ended at RMB 82,220/mt.

On Friday, SHFE 1701 nickel opened at RMB 82,070/mt and then hovered between RMB 81,800-82,200/mt. During the afternoon business, SHFE 1701 nickel kept fluctuating and rose slightly at the tail of trading, thanks to falling US dollar index and positions opening by longs. The contract finally closed at RMB 82,620/mt, up 1.35%. Trading volumes were down 206,000 to 447,000 lots and positions were up 6,232 to 499,000.

Market players are waiting for mine closing news from Philippines. However, ore supply should still tighten as expected due to the upcoming rainy season in main producing areas in Surigao, although mine closing scales will miss the expectation. Thus, SHFE 1701 nickel is expected to remain hovering at highs for the short term.  


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