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LME Nickel to Face Downward Pressure (2016-11-17)
Nov 17, 2016 09:53Source:SMM
LME nickel will meet resistance at the 5-day moving average on Thursday and SHFE 1701 nickel is expected to range between RMB 90,500-93,000/mt.
SHANGHAI, Nov. 17 (SMM) – US dollar index hit 14-year high while onshore yuan dropped to 8-year low and offshore yuan fell below 6.89. Attention should be on US’s figures on Thursday, including CPI in October, final reading of core CPI on an annual basis, housing starts, building permits and Philly Fed manufacturing index in October. LME nickel will meet resistance at the 5-day moving average on Thursday and SHFE 1701 nickel is expected to range between RMB 90,500-93,000/mt.
In China’s domestic market, spot nickel should trade at RMB 89,800-92,200/mt on Thursday.
SHFE nickel
LME nickel
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