SHANGHAI, Oct. 23 (SMM) – LME nickel will rise to $10,400-10,800 per tonne next week, SMM says.
The rise will be driven by high hopes for monetary stimulus in China and the euro zone.
SHFE nickel will also climb to 78,000-81,000 yuan per tonne on exit of shorts.
In China’s spot market, supply of Russian nickel and Jinchuan nickel will support prices. But soft demand will prevent prices from rising. SMM sees spot prices between 77,000-80,000 yuan per tonne.
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