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

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

Price Review & Forecast 05:04:34PM Aug 14, 2017 Source:SMM

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. 



 

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

Price Review & Forecast 05:04:34PM Aug 14, 2017 Source:SMM

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.