SHANGHAI, Jun. 24 (SMM) – The September delivery contract on the SHFE rallied after falling to 95,080 yuan per tonne on Jun. 23, with night session trading higher at 96,080 yuan per tonne. LME nickel overnight gained 3% to $12,850 per tonne.
Will price rallies in the nickel market continue?
“SHFE 1509 nickel contract should get support at the 95,000 yuan mark in the short term, but lack the rising strength due to weak demand in China,” an analyst from Chaos Ternary Futures told SMM in an interview.
Whether or not LME nickel will hold firm at $13,000 per tonne will determine the rising room of SHFE nickel, the analyst added.
Jinchuan Group cut ex-works prices of nickel to 94,500 yuan per tonne on Jun. 23.
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