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LME Nickel to Hover at Highs (2017-2-28)
Feb 28, 2017 09:38Source:SMM
LME nickel will hover at highs on Tuesday and SHFE 1705 nickel will trade at RMB 90,700-92,300/mt on Tuesday.
SHANGHAI, Feb. 28 (SMM) – US’s durable orders were higher than market expectation in January while existing home sales missed the expectation. US dollar dropped and rallied. SHFE 1705 nickel advanced after a brief fluctuation. LME nickel will hover at highs on Tuesday and SHFE 1705 nickel will find strong support at the 10-day moving average and will trade at RMB 90,700-92,300/mt on Tuesday.
In China’s domestic market, spot nickel should trade at RMB 89,800-91,200/mt on Tuesday. Attention should be on US’s GDP in Q4 2016.
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