SHANGHAI, May 20 (SMM) – Where nickel prices head for after dropping to the daily downward limit?
“Nickel market is now exposed to big downward risks in the short term, and long investors should leave the market for now,” an analyst from Guosen Futures told SMM in latest interview.
Another analyst from Chaos Ternary Futures echoed the views, expecting price declines in nickel market.
“A sharp loss is not expected as current price has already fallen to the mark where this round of price rally started,” the analyst pointed out.
So far, Jinchuan Group makes no adjustment of its ex-works prices after cutting price 1,500 to 108,000 yuanper tonne on May 18.
In China’s domestic spot market, nickel prices are expected to tumble to 94,000-99,000 yuan per tonne on May 20, SMM foresees.
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