SHFE 1709 Nickel Closed with Increases (2017-5-11)

SHANGHAI, May 11 (SMM) – SHFE 1709 nickel opened at RMB 75,900/mt today, and dipped to RMB 75,510/mt as longs left the market after profit-taking. The People’s Bank of China (PBOC) executed net inject for the first time in 6 days, injecting RMB 20 billion, increasing liquidity. In the afternoon, ferrous metals rebounded, with rebar jumping. SHFE 1709 nickel surged and closed at RMB 77,130/mt, up RMB 270/mt or 0.35%. Trading volumes on SHFE 1709 nickel increased 81,100 to 468,000, and positions decreased 5,918 to 555,000. SHFE nickel is expected to hover at highs this evening.