SHFE Nickel to See Range-Bound Trading (2017-2-6)

SHANGHAI, Feb. 6 (SMM) – US’s nonfarm payrolls increased in February while wage growth declined. US dollar and offshore yuan dived on last Fridays night trading and both stabilized on Monday morning. Glencore is expected to expand nickel output in 2017. However, effect from mine closure in Philippines keeps affecting market. LME nickel will be weighed by the 40-day moving average on Monday and SHFE 1705 nickel will move between RMB 84,800-87,000/mt with mixed factors.

In China’s domestic market, spot nickel should trade at RMB 83,700-85,600/mt on Monday. Eyes should be on China’s Caixin service PMI on Monday.