SHFE 1801 Nickel Ends with Big Decline (2017-8-14)

SHANGHAI, Aug. 14 (SMM) –On Monday, SHFE 1801 nickel opened at RMB 86,750/mt and staged similar movement with iron ore. Short covering pushed SHFE 1801 nickel up to RMB 87,330/mt early in the morning, but prices then fell back, and fell further to RMB 86,020/mt in the afternoon as shorts entered. Finally, SHFE 1801 nickel ended down RMB 1,690/mt or 1.92% at RMB 86,190/mt. Trading volumes decreased 309,000 lots to 435,000 lots, and positions increased 6,456 lots to 445,000 lots. SHFE 1801 nickel should hover at lows tonight due to negative technical side.