SHANGHAI, Dec. 11 (SMM) – Nickel prices are expected to rise this coming week, Shanghai Metals Market foresees.
“Falling supply in China’s domestic spot market will buoy up nickel prices this coming week,” SMM nickel analyst says.
Jinchuan Group held back goods last week, and traders of imported goods also showed low interest in moving goods as the devaluation of Chinese yuan impaired losses, reducing market supply.
“The delivery of SHFE 1601 nickel contract will also give some support to nickel prices due to limited warehousing capacity,” SMM nickel analyst adds.
This coming week, LME nickel is expected to rally from lows to range between $8,600-9,100 per tonne, and in China’s domestic spot market, spot prices are expected to rise slightly to 67,500-71,000 yuan per tonne.
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