SHANGHAI, Aug. 7 (SMM) – Nickel prices are likely to extend loss next week due mainly to growing supply and spot prices in China may fall below 80,000 yuan per tonne, SMM predicts.
Nickel demand remained anemic this week, with downstream buyers cutting purchases, while supply was on the rise. SMM understood that nickel inventories in bonded areas continued to grow recently, albeit at a slower pace. The weak fundamentals are likely drive prices lower.
SMM research team expects China’s spot nickel prices to move lower to 79,000-81,500 yuan per tonne. Besides, the strong US dollar will continue to weigh on metal prices, with LME nickel expected to fall to $ 10,600-11,000 per tonne.
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