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The most-traded contract for nickel for November delivery on the Shanghai Futures Exchange reversed up on Thursday, ending the daytime session at Yuan 103,890/tonne ($15,170.4/t) as of 3:00pm, up by Yuan 2,670/t or 2.6% on day, mainly thanks to the continuing low levels of nickel stocks and the high price
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The most-traded nickel November contract on the Shanghai Futures Exchange plummeted for the fourth straight day, closing at Yuan 102,330/tonne ($15,048/t) at the close of the day-time trading on Wednesday, down by another Yuan 2,170/t over Tuesday’s settlement price, or a new low since April 12.
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The most-traded nickel November contract on the Shanghai Futures Exchange (SHFE) dropped the steepest among all the base metals, down Yuan 2,670/tonne ($393/t) or 2.4% over Wednesday’s settlement price to Yuan 109,380/t on August 23, as the latest escalation of the Sino-US trade friction trembled the market.
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Futures prices of non-ferrous metals on the Shanghai Futures Exchange on Tuesday were generally firmer on day. Although the price gain for nickel was not as large as those of other metals, sound fundamentals lend it strong growth momentum, Mysteel notes.
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The most-traded October aluminum contract on the Shanghai Futures Exchange (SHFE) reached a new high since June 14 partly due to the concern on the supply shortage of alumina with the breakout of strike at Alcoa’s mining operations in Western Australia on August 8, according to market sources.
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Jiangsu Shagang Co, the listed-arm of Shagang Group and headquartered in Zhangjiagang in East China’s Jiangsu province, gained a net profit of Yuan 647 million ($94.9 million) in the first half of 2018, up by a sizzling 242% on year, according to its interim report released on August 8. China’s largest privately-owned steelmaker said stronger steel prices and its own higher output were behind its good performance.
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The most-traded November nickel contract on the Shanghai Futures Exchange grew for the third day as of August 8, up another 1.9%, mainly due to the stronger performance of spot market and the decrease in SHFE warehouse stocks, Mysteel notes.
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The most-traded nickel contract on the Shanghai Futures Exchange, that for September, plummeted by Yuan 2,860/tonne ($421/t) or 2.5% on Thursday from the settlement price on Wednesday to Yuan 110,540/t. Investors were nervous at the possibility of renewed friction between China and the US, market sources said.
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The most-traded aluminum contract on Shanghai Futures Exchange, that for September delivery, increased for the third successive day, or up Yuan 125/tonne ($18.3/t) from the settlement price of Monday to close at Yuan 14,540/t as of July 31.
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The aluminum futures price on the Shanghai Futures Exchange continued to rise on Wednesday, despite market chatter that Washington may revoke sanctions on Rusal, the world’s second largest aluminum producer, and thus free up global aluminum supply.
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The September delivery contract for nickel on the Shanghai Futures Exchange moved up on Monday, with prices of other nonferrous metals including copper, aluminum and zinc also increasing on positive news from the People's Bank of China.
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The most-traded aluminum September contract on the Shanghai Futures Exchange (SHFE) held well on July 18 with a tiny slip of Yuan 20/tonne ($3/t) or 0.14% from the settlement price of Tuesday, despite a 0.7% day-on-day decline in the aluminum cash price on London Metal Exchange overnight.
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The most-traded September nickel contract on the Shanghai Futures Exchange continued with its declines for the fourth straight day on July 17 on finding little support from China's latest economic statistics, as all have been within expectation, confirming a gradual slowing China's economy, market sources shared.
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The September delivery contract for nickel on the Shanghai Futures Exchange reversed up on July 12, with prices of other nonferrous metals including copper, aluminum and zinc also climbing, as the US Senate was seeming to go against President Donald Trump's trade policies, a market watcher said.
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The most-traded September nickel contract on the Shanghai Futures Exchange plummeted sharply on July 11, as the futures investors responded immediately to Washington's latest announcement overnight on possible additional 10% tariffs on China's products valuing $200 billion soon.
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The futures price of copper on the Shanghai Futures Exchange moved up further on the appreciation of China's Yuan against the US dollar on Tuesday, while the price of zinc slipped in line with the trend on the London Metal Exchange and the decline in downstream demand, market observers said.
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The most-traded September copper contract on the Shanghai Futures Exchange pulled up on Monday, ending three successive days of declines, amid the investors' growing enthusiasm on nonferrous derivatives on noting less-than-expected US economic performance in June.
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The most traded copper contract on the Shanghai Futures Exchange closed on July 6 at Yuan 49,080/tonne ($7,387.2/t), lower by Yuan 520/t compared with the previous day's settlement price, with the chill in China-US relations blamed again for the market's jitters and the slide in the August delivery Cu contract.
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Shanghai aluminum sank to a 3-month low on Monday after China's manufacturing growth cooled slightly in June, reflecting a slowdown in the real economy and growing concerns over trade tensions between China and the United States.
