Nickel Prices to Fall as Shorts Return, SMM Says

SHANGHAI, Oct. 30 (SMM) – Nickel prices on the SHFE are expected to drift lower this coming week as the shorts return, Shanghai Metals Market foresees. 

“Nickel market is now under pressure from a strong dollar and falling prices in other base metal markets, and meanwhile, the return of shorts from aluminum market will also compound the pressure,” SMM points out.  

“To be specifically speaking, LME nickel is expected to trade at $10,100-10,450 per tonne, and SHFE nickel will drift lower to 76,000-78,000 yuan per tonne,” SMM expects. 

Jinchuan Group adjusted its ex-works prices four times this week to close the week at 76,800 yuan per tonne, down from the previous level. 

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