LME Nickel to Close with Losses (2016-12-19)

Published: Dec 19, 2016 10:17

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LME nickel will test support on Monday with resistance at moving averages and will move above USD 11,100/mt. SHFE 1705 nickel will range between RMB 93,800-95,600/mt on Monday.

SHANGHAI, Dec. 19 (SMM) - China’s Central Economic Working Conference, held last week, proposed to eye on financial risk prevention and to enhance regulation. Moreover, government will deepen supply-side structural reform in 2017, supporting base metals. Market players exit LME market with nearing of Christmas, so trading will be quieter. LME nickel will test support on Monday with resistance at moving averages and will move above USD 11,100/mt. SHFE 1705 nickel will range between RMB 93,800-95,600/mt on Monday.

In China’s domestic market, spot nickel should trade at RMB 92,100-94,100/mt on Monday.

SHFE nickel LME nickel nickel prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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