LME Nickel to Maintain Range-Bound Trading (2016-11-3)

SHANGHAI, Nov. 3 (SMM) – US Federal Reserve held interest rate unchanged in November and hinted an interest rate hike in December at its latest meeting. But markets worry that Trump presidency will bring to uncertainty over US's economy. US dollar and stocks in US market thus dropped while gold increased for three days in a row. LME nickel is predicted to move in a tight range on Thursday with support at the 10 and 60-day moving averages and SHFE 1701 nickel will fluctuate between the 5 and 20-day moving averages at RMB 81,500-83,200/mt.
In China’s domestic market, spot nickel should trade at RMB 81,200-82,700/mt on Thursday.