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SMM Nickel Price Forecast (Dec. 12-16)
Dec 12,2011 15:57CST
smm insight
Source:SMM
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.

 

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