SHANGHAI, Jul. 31 (SMM) – The strong dollar still leaves slim chance for any rebound in nickel prices, but any sharp nickel price fall is not expected next week, SMM research team expects.
A decline in the Shanghai/LME nickel price ratio will dampen nickel imports, easing oversupply pressure in China’s market. Moreover, China’s NPI suppliers were less active in selling after prices fell, which may also help bolster nickel price.
As a result, SMM analysts see LME nickel to stabilize at $81,000-84,500 per tonne next week, with spot nickel prices at 10,900-11,300 yuan per tonne.
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