SHANGHAI, Jan. 15 (SMM) – Nickel market may be heading into a new round of price losses, Shanghai Metals Market foresees. 

“Price gains last week were mainly driven by short covering, and market longs remain cautious, ,” SMM nickel analyst says. 

Moreover, domestic buyers are expected to gradually exit the market as 2016 Chinese New Year holiday is nearing Last week, SMM adds. 

Last week, downstream producers increased purchases after prices tumbled. 

This week, SMM expects LME nickel to trade $8,300-8,600 per tonne, and 66,000-69,000 yuan per tonne for most actively-traded contract on the SHFE.  

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