SHFE Nickel to See Range-Bound Trading (2017-3-16)

SHANGHAI, Mar. 16 (SMM) – US Federal Reserve announced an interest rate hike at March’s meeting but Fed Chairwoman Yellen didn’t expect to raise rate every month, sending US dollar down. Base metals thus increased. LME nickel will increase slightly with lack of rising strength. SHFE 1705 nickel will move between RMB 84,500-85,800/mt on Thursday.

In China’s domestic market, spot nickel should trade at RMB 84,450-85,800/mt on Thursday. Attention should be on US’s February housing starts and building permits.