SHANGHAI, May 27 (SMM) - This past week, LME nickel declined from $9,445 to $9,035 per tonne, and SHFE 1709 nickel dropped to 74,990 yuan after advancing to 78,580 yuan on May 23. What’s the price outlook in the coming week?
At present, there is no big improvement in nickel market fundamentals, despite of the news that Philippines President declared martial law in Mindanao, one of major nickel ore producing regions in the country. LME market is expected to trade at $8,900-9,250 per tonne in the coming week.
The SHFE market will close on May 29 and 30 for the 2017 Chinese Dragon Boat Festival which runs from May 28-30. SHFE nickel will look for price direction from LME nickel market after returning from the holiday, with prices expected at 74,500-76,600 yuan for the most-actively traded nickel contract.
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