SHANGHAI, Aug 16 (SMM) –
SHFE 2309 nickel contract opened at 16,3050 yuan/mt at the night session on August 15, and closed at 164,980 yuan/mt, up 270 yuan/mt. Trading volume dropped by 7,419 lots, and open interest decreased by 8,246 lots.
On the macro side, the Indonesian nickel mine investigation may reduce the nickel mine supply, making the SHFE nickel prices rise since last Friday. On the fundamentals, coupled with price volatility and a slowdown of downstream withholding, yesterday’s nickel spot market turnover was not as good as last week. Overall, it is expected that the subsequent nickel price will shock downward.
