SHFE nickel price plunges on weak fundamentals

During the week to January 6, the most-traded copper, aluminum and nickel contracts on the Shanghai Futures Exchange (SHFE) had all retreated after the previous week's gains by the time the daytime trading sessions had ended, exchange data show. Among these three, the slump for nickel was the most significant, with the metal's price nearly hitting a monthly low.

On Friday, the SHFE's most-traded nickel contract for February delivery plunged by Yuan 18,980/t ($128.4/t) or 8.3% from the settlement price on December 30 to close at Yuan 210,200/t when the daytime trading session ended. In parallel, the copper contract for February delivery fell by Yuan 880/tonne during the same period