SHFE Nickel to Face Profit-Taking at Highs (2016-4-19)

Published: Apr 19, 2016 09:31

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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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