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SHFE Nickel Closes with Losses (2017-3-24)

iconMar 24, 2017 19:22
Source:SMM
SHFE 1705 nickel opened at RMB 82,900/mt and closed at RMB 82,510/mt, down RMB 350/mt or 0.42%.

SHANGHAI, Mar. 24 (SMM) – On Friday, SHFE 1705 nickel opened at RMB 82,900/mt and then fluctuated at the moving average. The contract later declined with positions opening by shorts. During the afternoon trading, SHFE 1705 nickel dropped to RMB 82,050/mt and then stabilized at lows. The contract rallied and regained some previous lost ground. SHFE 1705 nickel closed at RMB 82,510/mt, down RMB 350/mt or 0.42%. Trading volumes were down 65,000 to 246,000 lots and positions were up 11,000 to 425,000. The Philippines allowed 8 closed nickel mines to sell inventory of ores, reducing expectation over tight nickel ore supply.

SHFE 1705 nickel will drop on Friday’s night trading but will find support at lows.

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