SHFE Nickel Ends Lower (2016-10-14)

SHANGHAI, Oct. 14 (SMM) – On Thursday’s night trading, SHFE 1701 nickel opened higher at RMB 81,090/mt with LME nickel. The contract dropped to RMB 80,730/mt and later rallied before closing at RMB 81,760/mt.

On Friday, SHFE 1701 nickel started at RMB 81,730/mt and then advanced to RMB 82,240/mt. The contract later dropped and ended mid-day trading at RMB 81,630/mt. During the afternoon business, SHFE 1701 nickel fluctuate at RMB 81,500-81,900/mt and finally closed at RMB 81,590/mt, down 0.69%. Trading volumes reduced 123,000 to 503,000 lots and positions declined 6,356 to 487,000. China’s CPI released on Friday was higher than expectation and PPI also rose 0.1% in September both on a yearly basis, finishing a 54-month falling streak, mirroring a positive sign of China’s economy.

SHFE 1701 nickel should find support at the 20-day moving average on Friday’s night trading.