SHFE Nickel Prices down 2.22% (2016-12-20)

SHANGHAI, Dec. 20 (SMM) – On Monday’s night trading, SHFE 1705 nickel opened lower at RMB 93,000/mt with LME nickel and then fluctuated at a small range. The contract later dipped to RMB 90,830/mt and rallied before ranging narrowly. The contract finally closed at RMB 92,470/mt.

On Tuesday, SHFE 1705 nickel started at RMB 92,500/mt and then fluctuated above the moving average. During the afternoon trading, SHFE 1705 nickel ranged at around the moving average and finally ended at RMB 92,510/mt, down 2.22%. Trading volumes increased 76,000 to 602,000 lots and positions rose 7,900 to 542,000. Workers in ferronickel producers in Myanmar strike due to salary and welfare, supporting SHFE 1705 nickel.

SHFE 1705 nickel will find support at the 40-day moving average on Tuesday’s night trading.