SHFE Nickel Ends with Losses (2017-1-23)

SHANGHAI, Jan. 23 (SMM) – On Monday, SHFE 1705 nickel opened at RMB 82,060/mt and then climbed above the moving average. During the afternoon trading, SHFE 1705 nickel rose to RMB 83,370/mt and surrendered some previous gains. The contract finally closed at RMB 82,750/mt, down 0.77%. Trading volumes fell 257,000 to 463,000 lots and positions dropped 5,200 to 682,000. SHFE 1705 nickel stopped 4-day decline on Monday but was still below the moving averages.

SHFE 1705 nickel will remain at lows on Monday’s nigh trading. Attention should be on European Central Bank Governor’s speech on Monday night.