SHANGHAI, May 4 (SMM) – The Fed acknowledged slower growth and left interest rate unchanged. ADP’s data from the US reported slow growth in April, but slightly better than expected. ISM non-manufacturing index topped market expectations. The US dollar strengthened, while gold prices fell. The news that Philippine congress panel rejected Lopez as environment minister has been absorbed. Nickel ore supply is expected to be sufficient, and downstream consumption is still soft. Nickel futures will be weak in the near term.
LME nickel will consolidate at lows today, and SHFE 1709 nickel should hover between RMB 77,200-78,800/mt, with spot prices between RMB 75,700-78,800/mt.