SHFE 1709 Nickel Finishes lower (2017-6-2)

SHANGHAI, Jun. 2 (SMM) – SHFE 1709 nickel opened at RMB 72,630/mt today and then rose to RMB 72,690/mt, lacking ability to rise. Concerns over rising oil supplies pushed down Brent oil below USD 50/bbl. Consequently, SHFE 1709 nickel slid to as low as RMB 71,980/mt, and closed at RMB 72,080/mt, down RMB 1,140/mt or 1.56%. Trading volumes on SHFE 1709 nickel increased 55,800 to 366,000, and positions added 11,400 to 560,000. SHFE nickel is expected to fluctuate in current level this evening. US non-farm report and unemployment rate in May will be released this evening.