Excess Supply to Drive LME Nickel Lower, SMM Says

SHANGHAI, Aug. 21 (SMM) – LME nickel price may fall further to $9,900-10,400 per tonne next week due to the glut in nickel market, SMM predicts. 

“Although the US dollar index fell back this week, the growing supply and anemic demand will push nickel price lower,” SMM research team says. 

In Chinese market, the Beijing parade on September 3 will have limited impact on nickel supply, so spot nickel price in China is also expected to trend down to 79,000-81,000 yuan per tonne. 

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