SHANGHAI, May 14 (SMM) – The withdrawal of longs are expected to weigh down nickel prices, Shanghai Metals Market interview shows.
“Nickel market will see downward corrections, and the 108,000 yuan will be a key support level for Shanghai nickel futures prices,” an analyst from Chaos Ternary Futures told SMM in an interview.
The sales of 10,000 tonnes by Jinchuan Group triggered position cuts by longs, and the price cut by the company on May 13 will also put a drag on China’s nickel prices, according to the interview.
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