SHANGHAI, Apr. 19 (SMM) – SHFE 1709 nickel opened at RMB 78,400/mt today and dipped to RMB 78,060/mt, and then rallied to moving average. In the afternoon, SHFE 1709 nickel consolidated at lows and closed at RMB 79,200/mt. nickel ore shipments from the Philippines were higher than expected. Indonesia’s nickel ore shipments have been loaded. When combined with commissioning of RKEF NPI capacities and sluggish stainless steel prices from high finished product inventories, nickel prices were sluggish.
Trading volumes on SHFE 1709 nickel increased 173,000 to 560,000, and positions decreased 984 to 490,000. SHFE 1709 nickel has reported a 4-day losing streak and is expected to hover at lows this evening.