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SHFE 1709 Nickel Closes Lower (2017-5-18)
May 18,2017 18:15CST
price review forecast
Source:SMM
SHFE 1709 nickel opened at RMB 75,700/mt today, and edged up to RMB 75,840/mt, but fell to RMB 75,140/mt as longs exited the market with profit-taking.

SHANGHAI, May 18 (SMM) – SHFE 1709 nickel opened at RMB 75,700/mt today, and edged up to RMB 75,840/mt, but fell to RMB 75,140/mt as longs exited the market with profit-taking. In the afternoon, SHFE 1709 nickel rallied and closed at RMB 75,510/mt, down RMB 1,190/mt or 1.55%. Trading volumes on SHFE 1709 nickel decreased 45,400 to 377,000, and positions increased 6,894 to 569,000. The number of US initial jobless claims last week and Philadelphia Fed’s manufacturing index in May due for release this evening are not promising. SHFE nickel is expected to consolidate at current levels this evening. 

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