SHANGHAI, May 4 (SMM) – SHFE 1709 nickel opened at RMB 77,850/mt today. In the afternoon, ferrous metals extended losses, with iron ore and hot-rolled coil falling by daily limit. SHFE 1709 nickel fell to RMB 75,500/mt, and closed at RMB 76,270/mt, down RMB 3,490/mt or 4.38%.
Trading volumes on SHFE 1709 nickel increased 311,000 to 595,000, and positions increased 570 to 590,000. SHFE nickel is expected to hover at lows this evening.