SHFE Nickel to Hold Firm (2017-9-27) 

SHANGHAI, Sept. 27 (SMM) –China will release August industrial value added at above-scale enterprises today. LME nickel has lost support at moving averages and will move at lows today. The SHFE has imposed restrictions on positions of SHFE 1801 nickel and raised fees for closing positions on current day. Positions of SHFE 1801 nickel were 472,000 lots, much bigger than 41,600 mt of SHFE nickel warrants. So, short squeeze is expected. SHFE 1801 nickel should move at RMB 84,500-85,500/mt, and spot nickel prices in domestic market will be RMB 85,000-86,500/mt.