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The most-traded May nickel contract on the SHFE stood at 99,390 yuan ($14,967) per tonne as of 10:38am Shanghai time, down 500 yuan from the previous session’s close, with around 380,000 lots changing hands so far. The SHFE nickel price has eased after reaching a record high of 103,410 yuan per tonne on November 6.
While the demand and supply fundamentals for nickel have not changed, nickel prices have come under pressure on rising stainless steel stocks, falling stainless steel prices and weaker-than-expected stainless steel demand, China’s Galaxy Futures said late last Friday.
Meanwhile, the most-traded January SHFE copper price fell 60 yuan to 53,520 yuan per tonne, with around 107,000 lots traded so far.
“The short-term correction risk for SHFE copper is not over given the sharp rise in SHFE copper stocks,” China’s Ruida Futures said late last Friday.
Deliverable copper stocks at SHFE-approved warehouses rose for a second consecutive week, increasing by 14% or 18,198 tonnes last week to 145,471 tonnes as of Friday November 10.
SHFE copper prices are also under pressure as demand typically slows at the end of the year with the end of the peak demand season during September-October, market observers noted.
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