SHFE 1709 Nickel to Erase Early Gains (2017-5-3)

SHANGHAI, May 3 (SMM) – SHFE 1709 nickel opened at RMB 79,960/mt today, and then fell as shorts increased positions. In the afternoon, SHFE 1709 nickel fell to RMB 79130/mt after news that Philippines' congress panel rejected Lopez as environment minister, and closed at RMB 79,380/mt, down RMB 690/mt or 0.86%.

Trading volumes on SHFE 1709 nickel increased 77,500 to 284,000, and positions increased 12,056 to 590,000. SHFE nickel is expected to roll back early gains over the past two days this evening due to Philippines news.