SHFE 1709 Nickel Closed higher (2017-5-10)

SHANGHAI, May 10 (SMM) – SHFE 1709 nickel opened at RMB 76,900/mt today, and dipped to RMB 76,540/mt as longs left the market after profit-taking. China’s April PPI rose 6.4% YoY, but growth fell for two months in a row. SHFE 1709 nickel met resistance from RMB 77,090/mt. In the afternoon, SHFE 1709 nickel hovered around RMB 76,020/mt, and closed at RMB 76,400/mt, up RMB 100/mt or 0.13%. Trading volumes on SHFE 1709 nickel increased 80,254 to 387,000, and positions decreased 7,856 to 561,000. Brent oil closed up 0.7%, breaking through USD 49/bbl. SHFE nickel is expected to hover at highs this evening.