SHANGHAI, Dec. 9 (SMM) - As of 15:00 Friday, LME nickel was $11,370 per tonne, down 0.96 per cent on a weekly basis. SHFE 1705 nickel closed Friday’s mid trading at 95,150 yuan per tonne, up 2.94 per cent week-on-week.
“In the nickel market, investors will wait for the final list of closure from the Philippines, which has been postponed to December 15, in addition to US Federal Reserve’s last interest rate meeting to be held in the coming week,” SMM says.
LME nickel advanced on December 2’s night trading after the secretary of the Department of Environment and Natural Resources (DENR) said to publish closure list of nickel mines soon.
Moreover, nickel ore inventories at China’s major ports kept falling, which pushed up nickel ore prices.
In the coming week, SMM expects LME nickel to trade at $11,100-11,600 per tonne.