LME to Keep Moving at Lows (2016-10-21)

Published: Oct 21, 2016 10:11

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LME nickel is expected to move at lows with resistance at the 40-day moving average on Friday and SHFE 1701 nickel will fluctuate between RMB 79,000-81,000/mt.

SHANGHAI, Oct. 21 (SMM) – European Central Bank held three major interest rates unchanged on Thursday. US existing home sales rose significantly in September, releasing a signal of interest rate hike in the year. US dollar kept rising while Chinese yuan dropped below 6.75. Crude oil fell from highs. LME nickel is expected to move at lows with resistance at the 40-day moving average on Friday and SHFE 1701 nickel will fluctuate between RMB 79,000-81,000/mt.

In China’s domestic market, spot premiums should decline to RMB 78,800-80,500/mt on Friday.

LME nickel SHFE nickel nickel prices

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