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SHFE 1709 Nickel Closed higher (2017-5-9)
May 9,2017 17:22CST
price review forecast
Source:SMM
SHFE 1709 nickel opened at RMB 76,380/mt today, and dipped to RMB 76,050/mt as longs left the market after profit-taking.

SHANGHAI, May 9 (SMM) – SHFE 1709 nickel opened at RMB 76,380/mt today, and dipped to RMB 76,050/mt as longs left the market after profit-taking. Prices then rallied and met resistance from RMB 76,580/mt. In the afternoon, crude oil rose. SHFE 1709 nickel moved above moving average, and closed at RMB 76,490/mt, up RMB 530/mt or 0.70%.

Trading volumes on SHFE 1709 nickel decreased 209,000 to 306,000, and positions decreased 6,880 to 569,000. SHFE nickel is expected to hover at highs this evening. 

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