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

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

Price Review & Forecast 09:59:44AM Nov 03, 2016 Source:SMM

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.

Key Words:  LME nickel  SHFE nickel  nickel prices 

Price

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SMM #1 Nickel
Apr.19
100750.0
-850.0
(-0.84%)
#1 JinChuan Nickel
Apr.19
101550.0
-675.0
(-0.66%)
#1 Import Nickel
Apr.19
99950.0
-1025.0
(-1.02%)
JinChuan B&C
Apr.19
2500.0
300.0
(13.64%)
Russian nickel premium
Apr.19
875.0
-75.0
(-7.89%)

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

Price Review & Forecast 09:59:44AM Nov 03, 2016 Source:SMM

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.

Key Words:  LME nickel  SHFE nickel  nickel prices