SHANGHAI, Dec. 18 (SMM) – Central Economic Work Conference is being held today, and the market will continue to absorb news that the Fed raised interest rate. Crude oil prices continued to fall. LME nickel should fall below moving averages today.
See forecast for other base metals, please click:Base Metal Prices to Weaken, with Eyes on China, SMM Says
SHFE 1605 nickel became the most actively traded contracts, with prices expected to drop to RMB 69,000-70,000/mt today. Demand will remain soft, and Shanghai spot nickel should stabilize at RMB 67,300-69,300/mt.