SHANGHAI, Dec. 17 (SMM) – The US dollar rose after Fed interest rate increase, and LME nickel saw shorts closing positions. LME nickel inventories surged again. LME nickel should face selling pressure.
See forecast for other base metals, please click:No Big Impact on Base Metal Prices from US Rate Hike, SMM Says
SHFE 1605 nickel contract prices will drop to RMB 68,500-70,000/mt today. Downstream buyers will mostly remain cautious. Shanghai spot nickel should climb to RMB 68,000-69,900/mt.