SHEF Nickel Prices Ends with Big Losses (2017-4-13)

Published: Apr 13, 2017 17:19

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SHFE 1709 nickel opened at RMB 81,930/mt and ended with price down RMB 1,110/mt or 1.34%.

SHANGHAI, Apr. 13 (SMM) – On Thursday, SHFE 1709 nickel opened at RMB 81,930/mt and then dipped to RMB 80,950/mt, hurt by entering of shorts. The contract later rallied to the moving average with shorts taking profits. During the afternoon trading, SHFE 1709 nickel swung, up to as high as RMB 82,500/mt, and ended with price down RMB 1,110/mt or 1.34%. Trading volumes fell 258,000 to 447,000 lots and positions rose 4,742 to 442,000. The contract is expected to test support at lows on Thursday’s night trading with negative technical indicators.

Rising shipments of nickel ore from the Philippines will improve tight nickel ore supply. Moreover, high stainless steel inventory restricts price growth. Attention should be on effect on nickel industry chain from environmental checks and maintenance at steelmakers.

SHFE nickel LME nickel nickel prices

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