LME Nickel to Meet Resistance (2016-11-18)-Shanghai Metals Market

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LME Nickel to Meet Resistance (2016-11-18)

Price Review & Forecast 09:40:52AM Nov 18, 2016 Source:SMM

SHANGHAI, Nov. 18 (SMM) – The US Federal Reserve Chairwoman Yellen delivered a hawkish speech on Thursday night, confirming US interest rate hike in December’s meeting. US dollar index thus moved above 100 while gold plumped. However, this made small impact on base metals. LME nickel will move below USD 10,300/mt on Friday with negative technical indicators. SHFE 1701 nickel is expected to range between RMB 89,500-92,000/mt on Friday with resistance at the 10-day moving average.

In China’s domestic market, spot nickel should trade at RMB 89,400-91,500/mt on Friday.

Key Words:  SHFE nickel  LME nickel  nickel prices 

Price

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SMM #1 Nickel
Apr.18
101600.0
-1150.0
(-1.12%)
#1 JinChuan Nickel
Apr.18
102225.0
-1000.0
(-0.97%)
#1 Import Nickel
Apr.18
100975.0
-1350.0
(-1.32%)
JinChuan B&C
Apr.18
2200.0
300.0
(15.79%)
Russian nickel premium
Apr.18
950.0
-50.0
(-5.00%)

LME Nickel to Meet Resistance (2016-11-18)

Price Review & Forecast 09:40:52AM Nov 18, 2016 Source:SMM

SHANGHAI, Nov. 18 (SMM) – The US Federal Reserve Chairwoman Yellen delivered a hawkish speech on Thursday night, confirming US interest rate hike in December’s meeting. US dollar index thus moved above 100 while gold plumped. However, this made small impact on base metals. LME nickel will move below USD 10,300/mt on Friday with negative technical indicators. SHFE 1701 nickel is expected to range between RMB 89,500-92,000/mt on Friday with resistance at the 10-day moving average.

In China’s domestic market, spot nickel should trade at RMB 89,400-91,500/mt on Friday.

Key Words:  SHFE nickel  LME nickel  nickel prices