SHFE Nickel Closes with Gains (2016-11-21)-Shanghai Metals Market

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SHFE Nickel Closes with Gains (2016-11-21)

Price Review & Forecast 06:45:09PM Nov 21, 2016 Source:SMM

SHANGHAI, Nov. 21 (SMM) – On last Friday’s night trading, SHFE 1701 nickel opened at RMB 90,720/mt and then dived to RMB 88,100/mt before testing support at the 20-day moving average. The contract finally closed at RMB 88,680/mt.

On Monday, SHFE 1701 nickel opened at RMB 88,850/mt and then regained Friday night’s lost ground. During the afternoon trading, SHFE 1701 nickel fluctuated between RMB 91,200-91,800/mt, up to as high as RMB 91,800/mt, and finally closed at RMB 91,330/mt, up 0.47%. Trading volumes were up 150,000 to 650,000 lots and positions were down 10,000 to 360,000. Most base metals rebounded on Monday and SHFE 1701 nickel fluctuated at around RMB 91,000/mt.

SHFE 1701 nickel is predicted to remain at highs with falling Chinese yuan, despite strong US dollar index and negative technical indicators.

Key Words:  SHFE nickel  LME nickel  nickel prices 

Price

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SMM #1 Nickel
Apr.22
101450.0
700.0
(0.69%)
#1 JinChuan Nickel
Apr.22
102400.0
850.0
(0.84%)
#1 Import Nickel
Apr.22
100500.0
550.0
(0.55%)
JinChuan B&C
Apr.22
2650.0
150.0
(6.00%)
Russian nickel premium
Apr.22
775.0
-100.0
(-11.43%)

SHFE Nickel Closes with Gains (2016-11-21)

Price Review & Forecast 06:45:09PM Nov 21, 2016 Source:SMM

SHANGHAI, Nov. 21 (SMM) – On last Friday’s night trading, SHFE 1701 nickel opened at RMB 90,720/mt and then dived to RMB 88,100/mt before testing support at the 20-day moving average. The contract finally closed at RMB 88,680/mt.

On Monday, SHFE 1701 nickel opened at RMB 88,850/mt and then regained Friday night’s lost ground. During the afternoon trading, SHFE 1701 nickel fluctuated between RMB 91,200-91,800/mt, up to as high as RMB 91,800/mt, and finally closed at RMB 91,330/mt, up 0.47%. Trading volumes were up 150,000 to 650,000 lots and positions were down 10,000 to 360,000. Most base metals rebounded on Monday and SHFE 1701 nickel fluctuated at around RMB 91,000/mt.

SHFE 1701 nickel is predicted to remain at highs with falling Chinese yuan, despite strong US dollar index and negative technical indicators.

Key Words:  SHFE nickel  LME nickel  nickel prices