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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
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