SHANGHAI, May 29 (SMM) – Chances are slim for China nickel prices to increase next week with an easing of supply tightness, SMM expects.
“An influx of imported nickel helped ease shortage in China’s spot nickel markets,” SMM nickel research team noted. The rising supply means spot nickel prices are unlikely to rally in the coming week, only moving between 94,000-101,000 yuan per tonne.
As for the London Metal Exchange, the high nickel inventories and negative technical indicators may presage increasing downside risk in the prices, SMM says.
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