SHANGHAI, Dec. 15 (SMM) – US Federal Reserve hiked interest rate by 25 basis points in December’s meeting as expected and expected to hike rate for three times in 2017. US dollar index one advanced to 102.62 while Chinese yuan dropped. SHFE 1705 nickel is expected to drop after opening and will stabilize at lows on Thursday and LME nickel will move above USD 11,200/mt. SHFE 1705 nickel will test support at the 20-day moving average on Thursday and will range between RMB 93,500-97,000/mt.
In China’s domestic market, spot nickel should trade at RMB 92,200-94,700/mt on Thursday.