SHANGHAI, Sept. 18 (SMM) – LME nickel is expected to edge higher in this coming week, Shanghai Metals Market foresees.
Over this past week, the US’s Federal Reserve interest rate meeting was in the spotlight, and the drop in the US dollar index after its rate decision give a brief support to base metal prices.
“Downstream producers in China are expected to replenish goods before the upcoming Chinese National Day holiday in early October, and this will support price,” SMM says.
Demand from stainless steel producers, however, is not expected to be strong, SMM adds, due to low production, previous stocking at lows in earlier September, and no price advantages over NPI.
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