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SHFE Nickel Finishes with Small Gains (2017-3-16)

Price Review & Forecast 04:45PM Mar 16, 2017 Source:SMM

SHANGHAI, Mar. 16 (SMM) – On Thursday, SHFE 1705 nickel started at RMB 85,240/mt and then advanced to RMB 85,790/mt. The contract later gave up previous gains and moved below the moving average. During the afternoon trading, SHFE 1705 nickel increased slightly and then fluctuated. The contract ended at RMB 85,510/mt, up 0.99%. Trading volumes fell 22,000 to 407,000 llots and positions dropped 14,600 to 460,000.

SHFE 1705 nickel will increase with positive technical indicators but any growth will be limited with pressure from the moving averages.

Key Words:  SHFE nickel  LME nickel  nickel prices