SHANGHAI, Mar. 22 (SMM) – US dollar declined below 100 and offshore yuan rose to 6.871. One-year interest rate swap hit a 2-year high and Shibor increased across the board, tightening liquidity. Base metals and ferrous metals are weak and gold increases. LME nickel is expected to fluctuate at lows on Wednesday with strong pressure from USD 10,200/mt. SHFE 1705 nickel will move at RMB 83,200-84,600/mt on Wednesday, weighed by the 5-day moving average.
In China’s domestic market, spot nickel should trade at RMB 83,000-84,600/mt on Wednesday.
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