SHFE Nickel Prices down 0.41% (2016-12-2)

SHANGHAI, Dec. 2 (SMM) – On Thursday’s night trading, SHFE 1705 nickel opened at RMB 92,960/mt and then climbed to RMB 93,450/mt. The contract later dived to RMB 92,100/mt and rallied slightly to the moving average. SHFE 1705 nickel finally closed at RMB 92,950/mt.

On Friday, SFHE 1705 nickel started at RMB 92,880/mt and then fluctuated weakly. During the afternoon trading, SHFE 1705 nickel fell to RMB 91,500/mt with dropping LME nickel and later regained some previous lost ground. The contract finally ended at RMB 92,430/mt, down 0.41%. Trading volumes were down 80,000 to 140,000 lots and positions were up 10,000 to 410,000.

US’s nonfarm payroll report, which will release on Friday night, will be an important factor on US interest rate’s decision in December. Market will be wary before the release of data.