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Home / Metal News / SHFE Nickel to Move Lower (2016-12-16)

SHFE Nickel to Move Lower (2016-12-16)

Dec 16, 2016 09:41

Source:SMM

LME nickel will meet resistance at the 20-day moving average on Friday and SHFE 1705 nickel is predicted to range between RMB 94,000-96,200/mt with resistance.

SHANGHAI, Dec. 16 (SMM) – US dollar index increased on Thursday after Federal Reserve announced to hike interest rate, and Chinese yuan thus fell further, leading to lower prices on SHFE than LME. The Bank of England held interest rate unchanged. Attention should be on US’s housing starts and building permits in November on Friday and final reading of Eurozone’s CPI in November. LME nickel will meet resistance at the 20-day moving average on Friday and SHFE 1705 nickel is predicted to range between RMB 94,000-96,200/mt with resistance.

In China’s domestic market, spot nickel should trade at RMB 91,800-94,200/mt on Friday.

SHFE nickel

LME nickel

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