LME Nickel to Move Lower (2017-1-3)

SHANGHAI, Jan. 3 (SMM) – Eurozone’s manufacturing PMI hit a 6-year high, and euro thus increased slightly. New Caledonia approved the top three mines to increase exports by 2 million mt per year to China. SHFE 1705 nickel will fluctuate weakly at RMB 83,500-86,200/mt on Tuesday.

In China’s domestic market, spot nickel should trade at RMB 83,000-85,700/mt. Attention should be on China’s Caixin manufacturing PMI in December and US’s ISM manufacturing PMI.