SHFE Nickel to Move Lower (2016-12-13)

SHANGHAI, Dec. 13 (SMM) – On Monday’s night trading, SHFE 1705 nickel opened at RMB 94,650/mt and then dropped to RMB 94,290/mt. The contract later fluctuated, up to as high as RMB 95,950/mt and finally closed at the 5-day moving average at RMB 95,300/mt.

On Tuesday, SHFE 1705 nickel started at RMB 95,190/mt and then fluctuated at around the moving average. During the afternoon trading, SHFE 1705 nickel increased above the 5-day moving average to RMB 96,060/mt and finally ended at RMB 95,960/mt, down 0.18%. Trading volumes were down 284,000 to 457,000 lots and positions were up 12,000 to 508,000. The Philippines audit result is proponed to the end of January, 2017, but this make no impact to market.

SHFE 1705 nickel is predicted to keep fluctuating on Tuesday’s night trading.