SHFE 1709 Nickel Closes with Declines (2017-5-26)

Published: May 26, 2017 19:22

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SHFE 1709 nickel opened at RMB 75,330/mt today.

SHANGHAI, May 26 (SMM) – SHFE 1709 nickel opened at RMB 75,330/mt today. Shorts closed positions after profit-taking after opening, driving up SHFE nickel. SHFE 1709 nickel then weakened and dipped to RMB 74,990/mt, but then rebounded to RMB 75,540/mt, meeting resistance at this price level. In the afternoon, SHFE 1709 nickel moved between RMB 75,170-75,500/mt and closed at RMB 75,200/mt, down RMB 840/mt or 1.10%. Trading volumes on SHFE 1709 nickel increased 45,100 to 407,000, and positions increased 500 to 555,000. US April durable goods orders and University of Michigan’s CCI will be released this evening, which are expected to fall on the month. SHFE nickel is expected to fluctuate at current levels this evening.

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