Uncertainties to Grow Market Caution in Nickel Market, SMM Says-Shanghai Metals Market

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Uncertainties to Grow Market Caution in Nickel Market, SMM Says

SMM Insight 05:50:56PM Nov 04, 2016 Source:SMM

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.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.

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%)

Uncertainties to Grow Market Caution in Nickel Market, SMM Says

SMM Insight 05:50:56PM Nov 04, 2016 Source:SMM

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.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.