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Home / Metal News / Uncertainties to Grow Market Caution in Nickel Market, SMM Says

Uncertainties to Grow Market Caution in Nickel Market, SMM Says

Nov 4, 2016 17:50

Source:SMM

Over this past week, LME nickel briefly advanced to $10,585 per tonne, the highest level since October 14.

SHANGHAI, Nov. 4 (SMM) - Over this past week, LME nickel briefly advanced to $10,585 per tonne, the highest level since October 14. SHFE 1701 nickel rallied to the 5-day moving average before closing Friday’s mid-day trading at 82,920 yuan per tonne.

“The dollar now comes under pressure from the upcoming US presidential election and December’s rate meeting, and the two factors will also add to market caution,” SMM nickel analyst says.

In the coming week, LME nickel is expected to trade at $ 10,250-10,650 per tonne, SMM expects.

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