SHFE Nickel to See Range-Bound Trading (2017-2-15)

SHANGHAI, Feb. 15 (SMM) – US’s economic data is expected to be positive and Federal Reserve Chairwoman Yellen delivered hawkish comment, sending US dollar index up. Export tariff policy in Indonesia is uncertain and will make limited effect on SHFE 1705 nickel. LME nickel will find strong support at the 60-day moving average on Wednesday and SHFE 1705 nickel is expected to trade at RMB 88,500-90,500/mt with support at the 5-day moving average.

In Chin’s domestic market, spot nickel should trade at RMB 87,300-89,000/mt on Wednesday.