SHANGHAI, May 24 (SMM) – On Wednesday, SHFE 1709 nickel opened at RMB 77,750/mt and then declined with falling iron ore and rebar prices. During the afternoon trading, the contract dropped further to RMB 75,800/mt and then regained some previous lost ground. SHFE 1709 nickel ended at RMB 76,270/mt, down RMB 1,810/mt or 2.32%. Trading volumes increased 48,400 to 490,000 lots and positions rose 8,008 to 558,000.
US will release annual pending home sales in April on Wednesday night, which will be lower than March’s level. SHFE 1709 nickel will remain weak.