LME Nickel to See Range-Bound Trading (2016-11-2)-Shanghai Metals Market

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LME Nickel to See Range-Bound Trading (2016-11-2)

Price Review & Forecast 09:50:54AM Nov 02, 2016 Source:SMM

SHANGHAI, Nov. 2 (SMM) – Who will win the US presidential election is not clear yet and gold thus rose sharply. China’s manufacturing PMI released on Tuesday was much higher than expectation in October. Eyes should be on US’s ADP on Wednesday’s night trading. Market players will become wary before releasing of US nonfarm payroll report and result of presidential election. LME nickel is expected to fluctuate on Wednesday and SHFE 1701 nickel will move at RMB 82,600-84,500/mt.

In China’s domestic market, spot nickel should trade at RMB 82,200-83,700/mt on Wednesday.

Key Words:  LME nickel  SHFE nickel  nickel prices 

Price

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SMM #1 Nickel
Apr.22
101450.0
700.0
(0.69%)
#1 JinChuan Nickel
Apr.22
102400.0
850.0
(0.84%)
#1 Import Nickel
Apr.22
100500.0
550.0
(0.55%)
JinChuan B&C
Apr.22
2650.0
150.0
(6.00%)
Russian nickel premium
Apr.22
775.0
-100.0
(-11.43%)

LME Nickel to See Range-Bound Trading (2016-11-2)

Price Review & Forecast 09:50:54AM Nov 02, 2016 Source:SMM

SHANGHAI, Nov. 2 (SMM) – Who will win the US presidential election is not clear yet and gold thus rose sharply. China’s manufacturing PMI released on Tuesday was much higher than expectation in October. Eyes should be on US’s ADP on Wednesday’s night trading. Market players will become wary before releasing of US nonfarm payroll report and result of presidential election. LME nickel is expected to fluctuate on Wednesday and SHFE 1701 nickel will move at RMB 82,600-84,500/mt.

In China’s domestic market, spot nickel should trade at RMB 82,200-83,700/mt on Wednesday.

Key Words:  LME nickel  SHFE nickel  nickel prices