LME Nickel Prices to Extend Gains Next Week, SMM Says

SHANGHAI, Sept. 11 (SMM) – Nickel prices are expected to keep rising this coming week, Shanghai Metals Market foresees.  

“The news of unit maintenance at Jinchuan Group will reduce nickel supply, and this, combined with expectations over higher manufacturing activities entering September, will support higher prices,” SMM says. 

The gains on the SHFE, however, are expected to be small due to high inventories, SMM adds.  

In the coming week, LME nickel prices are expected to trade at $10,000-10,800 yuan per tonne. In China’s market, SHFE nickel will range between 78,500-81,000 yuan per tonne. 

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