SHANGHAI, Jul. 16 (SMM) – Nickel market is expected to trade widely for the foreseeable future, Shanghai Metals Market’s interview finds.
“Nickel price both on the LME and SHFE fell back July 15 after gaining first, and spot price in China’s domestic spot market also failed to advance after reaching 87,000 yuan per tonne, a sign of no strong rising momentum,” an analyst from Chaos Ternary Futures told SMM in an interview.
Investors are advised to take short-term trading strategy, and to pay attention to the upward pressure at 90,000 yuan for September-delivery nickel contract on the SHFE, the analyst added.
On Jul. 15, Jinchuan Group raised nickel ex-works prices to 87,500 yuan per tonne, while prices of nickel ore and NPI were little changed.
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