SHANGHAI, May 15 (SMM) – SHFE 1709 nickel was delivered today. Trading volumes increased 2,460 to 2,880, and positions decreased 588 to 59,064. Deliveries were 29,532 tonnes, with settlement price of RMB 75,450/mt.
SHFE 1709 nickel opened at RMB 77,370/mt today, and reached RMB 77,590/mt. Value added at China’s large industrials in April fell short of market expectations and March’s. SHFE 1709 nickel thus dipped to RMB 76,670/mt. the US dollar index fell in the afternoon, while NYMEX oil strengthened, boosting SHFE nickel prices. SHFE 1709 nickel closed at RMB 77,340/mt, up RMB 330/mt or 0.43%. Trading volumes on SHFE 1709 nickel increased 33,600 to 390,000, and positions increased 2,050 to 547,000. Brent oil extended losses. New York Fed’s manufacturing index and NAHB’s Housing Market Index in May will be released this evening. SHFE nickel is expected to remain range-bound this evening.