SHANGHAI, Dec. 28 (SMM) – This week will be a shortened trading week for holidays, and nickel market will be weak, Shanghai Metals Market foresees. 

“Downstream buying is poor, and supply, on the other hand, is sufficient in China’s domestic market, offering no price support,” SMM nickel analyst says. 

Last week, the favorable Shanghai/LME nickel price ratio increased arrivals of imported nickel, growing market supply in China’s market. 

SMM expects LME nickel to trade between $8,500-9,000 per tonne, and SHFE 1605 nickel will lurch lower to 68,000-70,000 yuan per tonne.    

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