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SHFE Nickel to Face Profit-Taking at Highs (2016-4-19)
Apr 19, 2016 09:31Source:SMM
SHFE 1609 nickel contract is expected to move at RMB 70,500-72,500/mt on Tuesday, with longs expected to take profit at highs.
SHANGHAI, Apr. 19 (SMM) –SHFE 1609 nickel contract is expected to move at RMB 70,500-72,500/mt on Tuesday, with longs expected to take profit at highs.
Rally of crude oil prices will boost base metals prices. India launched anti-dumping investigation into Chinese stainless steel. LME nickel should rise initially before falling back.
In domestic spot market, spot nickel prices will rise to RMB 69,200-71,000/mt. Downstream producers are suggested to purchase in small amounts.
Key Macroeconomic Indicators for Base Metal Prices (2016-4-19)
LME nickel prices
SHFE nickel prices
nickel prices
Ni price
base metal price forecast
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.
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