SHFE 1709 Nickel Closes Higher (2017-7-19)

SHANGHAI, Jul. 19 (SMM) – SHFE 1709 nickel opened at RMB 79,800/mt today, and slumped with longs closing positions, dipping to RMB 79,310/mt. In the afternoon, SHFE 1709 nickel edged up with rebar and iron ore prices, reaching RMB 79,980/mt, and closing at RMB 79,780/mt, up RMB 430/mt or 0.54%. Trading volumes on SHFE 1709 nickel decreased 29,500 to 413,000, and positions decreased 9,084 to 483,000. SHFE nickel is expected to remain range-bound this evening. US housing starts in June and EIA’s crude oil inventories last week are slated for release this evening.