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LME Nickel to Close with Losses (2016-12-19)
Dec 19, 2016 10:17Source:SMM
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
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