SHFE Nickel Prices down 0.85% (2016-9-26)

SHANGHAI, Sept. 26 (SMM) – On last Friday’s night trading, SHFE 1701 nickel started at RMB 82,660/mt and then fell slightly. The contract advanced to RMB 82,850/mt but later gave up some earlier gains before closing at RMB 82,450/mt. 

On Monday, SHFE 1701 nickel opened at RMB 82,410/mt and fell back after a small rise. The contract fell again after rallying, down to as low as RMB 81,640/mt. During the afternoon business, SHFE 1701 nickel moved weakly and touched the 5-day moving average, down to as low as RMB 81,400/mt. The contract finally ended at RMB 81,480/mt, down 0.85%. Trading volumes rose 95,000 to 542,000 lots and positions increased 11,000 to 510,000.

Philippines postponed releasing the list of closing mines again but the effect will miss market’s expectation with the upcoming rainy season in Surigao. SHFE 1701 nickel may drop from highs for the near future.