SHANGHAI, Jun. 15 (SMM) – LME nickel registered a loss of 1.54% last Friday, and SHFE 1509 nickel closed Friday’s night trading at 98,600 yuan per tonne. Will the loss continue in the nickel market?
“The decline in nickel market will be small due to support from costs and El Nino weather,” an analyst from Guosen Futures told SMM in latest interview.
The analyst also added the uncertainty over the delivery approval of foreign nickel brands on the SHFE.
On Monday, LME nickel will lack the rising momentum and fluctuate widely around the 20-day moving averages, and SHFE 1509 will trade between 98,000-99,500 yuan per tonne, SMM foresees.
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