LME Nickel to Move Lower (2016-11-7)

SHANGHAI, Nov. 7 (SMM) – The US nonfarm payroll report was negative but wage growth hit a 7-year’s best. Chance of US’s interest rate hike in December is still high. US FBI said that Hillary Clinton should not face criminal charges. Gold thus dropped. Attention should be on China’s foreign exchange reserve on Monday. LME nickel is predicted to fall on Monday but will find support at the 10 and 20-day moving averages and SHFE 1701 nickel will test support at the 10-day moving average and range between RMB 82,500-84,300/mt.

In China’s domestic market, spot nickel should trade at RMB 82,200-83,600/mt on Monday.