SHANGHAI, Jul. 17 (SMM) – Nickel prices will stay low next week as the strong dollar and weak demand will keep prices from rising, SMM research team predicts.

“The rebound in nickel price has been blocked this week by the rising US dollar index resulting from stronger anticipation for a Fed interest rate hike, and this factor will continue to weigh on nickel price next week,” SMM analyst noted.

In addition, slack nickel demand caused by production cuts of stainless steel producers will also take the steam out of nickel market.

SMM expects LME nickel to stay at $11,300-11,800 per tonne and spot nickel price at 84,000-88,000 yuan next week.  

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