SHANGHAI, Mar. 29 (SMM) – US’s Federal Reserve Vice Chair indicated that it is profitable to raise rate for two times in 2017, sending base metals up. OPEC is likely to extend oil output cut, allowing crude oil to advance. LME nickel will fluctuate at around USD 10,000/mt on Wednesday with support at the 5-day moving average. SHFE 1705 nickel will increase on Wednesday and will fluctuate between RMB 81,900-83,500/mt.
In China’s domestic market, spot nickel should trade at RMB 81,600-83,600/mt on Wednesday.
