SHFE Nickel to Set with Losses (2017-1-20)

SHANGHAI, Jan. 20 (SMM) – SHFE 1705 nickel led declines on Thursday’s nigh trading. Positions of SHFE 1705 nickel continued rising, despite nearing of 2017 Chinese New Year, with capitals inflowing at RMB 210 million. LME nickel will move lower on Friday and SHFE 1705 nickel is expected to range between RMB 81,000-84,000/mt.

In China’s domestic market, spot nickel should trade at RMB 81,200-83,500/mt on Friday. Attention should be on China’s GDP in Q4 2016 and Trump’s inaugural address on Friday.