LME Nickel to Face Downward Pressure (2016-11-17)-Shanghai Metals Market

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LME Nickel to Face Downward Pressure (2016-11-17)

Price Review & Forecast 09:53:56AM Nov 17, 2016 Source:SMM

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.

Key Words:  SHFE nickel  LME nickel  nickel prices 

Price

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SMM #1 Nickel
Apr.25
99875.0
200.0
(0.20%)
#1 JinChuan Nickel
Apr.25
101275.0
375.0
(0.37%)
#1 Import Nickel
Apr.25
98475.0
25.0
(0.03%)
JinChuan B&C
Apr.25
3500.0
250.0
(7.69%)
Russian nickel premium
Apr.25
750.0
-25.0
(-3.23%)

LME Nickel to Face Downward Pressure (2016-11-17)

Price Review & Forecast 09:53:56AM Nov 17, 2016 Source:SMM

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.

Key Words:  SHFE nickel  LME nickel  nickel prices