LIVE FUTURES REPORT 14/02: SHFE base metals rise ahead of New Year holiday

Base prices on the Shanghai Futures Exchange (SHFE) rose during Asian morning trading on Wednesday February 14, the last trading day before the Lunar New Year break.

The May nickel contract on the SHFE stood at 102,860 yuan ($16,191) per tonne as of 10.00 am Shanghai time, up by 1,990 yuan, or 2%, from the previous session’s close of 100,870 yuan per tonne. Demand from the stainless steel sector remains strong, with world stainless steel melting production increasing 7.4% year on year in January-September 2017, the latest figures from the International Stainless Steel Forum (ISSF) show. “Demand from Chinese steel mills, however, is expected to slow over the short-to-medium term because cost constraints will be exacerbated by environmental-related and Lunar New Year capacity...

Published

Echo Ma

February 14, 2018

03:35 GMT

Shanghai

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