SHFE Nickel to Consolidate (2017-9-20)

SHANGHAI, Sept. 20 (SMM) – US housing starts and building permits were positive, keeping US dollar index at highs. Finished product stocks rose slightly at stainless steel mills in China, but inventory pressure is much smaller than in Q2. LME nickel will test support at the 40-day moving average. SHFE 1801 nickel will move at RMB 88,200-89,500/mt. Spot nickel prices in domestic market will be RMB 87,800-89,200/mt.