LME Nickel to Trade Wider between $10,300-11,000 per tonne, SMM Says

Published: Oct 16, 2015 18:40

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LME nickel prices are expected to trader in a wider range of $10,300-11,000 per tonne this coming week, Shanghai Metals Market foresees.

SHANGHAI, Oct. 16 (SMM) – LME nickel prices are expected to trader in a wider range of $10,300-11,000 per tonne this coming week, Shanghai Metals Market foresees.

“LME nickel is losing the rising momentum after returning above $10,000 per tonne as the positive impact from Glencore’s cut news is waning,” SMM points out.

China is going to release its GDP for Q3 this coming week, and markets expect the growth to fall below 7, suggesting that domestic demand is not expected to improve for the foreseeable future.

SHFE nickel will fluctuate between 76,000-79,000 yuan per tonne this coming week, SMM expects.

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