LME Nickel to See Range-Bound Trading (2017-5-24)

SHANGHAI, May 24 (SMM) – Market participants expect OPEC to extend crude oil cut agreement, allowing crude oil to hover at highs. Trump’s impeachment risk abated, raising market confidence. Moody's Investors Service has today downgraded China's long-term local currency and foreign currency issuer ratings to A1 from Aa3 and changed the outlook to stable from negative. Exchange rate of offshore yuan dived against US dollar, down 0.13%. LME nickel will see range-bound trading on Wednesday and SHFE 1709 nickel will fluctuate at RMB 77,200-78,200/mt, with spot prices trading at RMB 76,000-78,300/mt.