SHFE Nickel to See Range-Bound Trading (2016-11-15)-Shanghai Metals Market

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SHFE Nickel to See Range-Bound Trading (2016-11-15)

Price Review & Forecast 10:02:14AM Nov 15, 2016 Source:SMM

SHANGHAI, Nov. 15 (SMM) – US dollar index broke through 100 and hit 11-month high while onshore Chinese yuan fell below 6.84 to seven and a half year low. But, this made small impact on base metals. Attention should be on Eurozone GDP in Q3 and US retail sale in October on Tuesday. LME nickel will find support at the 10-day moving average on Tuesday and SHFE 1701 nickel is expected to range between RMB 89,500-92,800/mt.

In China’s domestic market, spot nickel should trade at RMB 89,800-92,000/mt on Tuesday.

Key Words:  SHFE nickel  LME nickel  nickel prices 

Price

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SMM #1 Nickel
Apr.24
99675.0
-525.0
(-0.52%)
#1 JinChuan Nickel
Apr.24
100900.0
-325.0
(-0.32%)
#1 Import Nickel
Apr.24
98450.0
-725.0
(-0.73%)
JinChuan B&C
Apr.24
3250.0
450.0
(16.07%)
Russian nickel premium
Apr.24
775.0
25.0
(3.33%)

SHFE Nickel to See Range-Bound Trading (2016-11-15)

Price Review & Forecast 10:02:14AM Nov 15, 2016 Source:SMM

SHANGHAI, Nov. 15 (SMM) – US dollar index broke through 100 and hit 11-month high while onshore Chinese yuan fell below 6.84 to seven and a half year low. But, this made small impact on base metals. Attention should be on Eurozone GDP in Q3 and US retail sale in October on Tuesday. LME nickel will find support at the 10-day moving average on Tuesday and SHFE 1701 nickel is expected to range between RMB 89,500-92,800/mt.

In China’s domestic market, spot nickel should trade at RMB 89,800-92,000/mt on Tuesday.

Key Words:  SHFE nickel  LME nickel  nickel prices