SHFE Nickel to Meet Pressure (2017-3-20)

SHANGHAI, Mar. 20 (SMM) – Market players will see a light economic data calendar on Monday and US dollar index will move at lows. The Philippines’ two nickel mines of DMCI are expected to be closed down, which is one of the 10 mine closures last year. The mines are waiting for litigation outcome. It is learned that the government allows mines to keep operation during litigation, weighed down SHFE 1705 nickel. LME nickel will meet strong pressure at the 10-day moving average on Monday and SHFE 1705 nickel will move at RMB 84,000-85,600/mt.

In China’s domestic market, spot nickel should trade at RMB 83m900-85m500/mt on Monday.