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Home / Metal News / SMM Nickel Price Forecast (Dec. 12-16)

SMM Nickel Price Forecast (Dec. 12-16)

iconDec 12, 2011 15:57
Based on current conditions, spot nickel prices will meet resistance at RMB 130,000/mt.

SHANGHAI, Dec. 12 (SMM) -- Technically speaking, LME nickel prices will meet strong resistance between USD 18,500-18,600/mt if no solid news is announced. SMM believes LME nickel prices will meet resistant at USD 18500-18600/mt, but find solid support between USD 17,900-18,000/mt in this coming week.

In China’s spot nickel market, weak fundamentals and soft demand are expected to cause spot nickel prices to passively track LME nickel price movements. Based on current conditions, spot nickel prices will meet resistance at RMB 130,000/mt.

 

nickel price; nickel; Ni;
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

For queries, please contact Lemon Zhao at lemonzhao@smm.cn

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