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.