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LME Nickel to Stabilize at Lows (2016-10-18)
Oct 18, 2016 09:54Source:SMM
LME nickel will stabilize at lows on Tuesday and SHFE 1701 nickel should move between RMB 80,500-82,000/mt with support at the 40-day moving average.
SHANGHAI, Oct. 18 (SMM) – US dollar index dropped on Tuesday morning. Iran is expected to increase oil output, leading COMEX oil down on Tuesday. LME nickel will stabilize at lows on Tuesday and SHFE 1701 nickel should move between RMB 80,500-82,000/mt with support at the 40-day moving average.
In China’s domestic market, spot nickel is predicted to drop to RMB 79,500-81,200/mt on Tuesday. Attention should be on US and UK’s CPI on Tuesday.
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