LME Nickel to Stay Range-Bound (2017-6-7)-Shanghai Metals Market

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LME Nickel to Stay Range-Bound (2017-6-7)

Price Review & Forecast 09:53:36AM Jun 07, 2017 Source:SMM

SHANGHAI, Jun. 7 (SMM) – API crude oil inventories for the week ending June 2 topped market expectations, but inventories of gasoline and refined oil were much higher, weighing on NYMEX oil prices. The market will lack solid news today. Stainless steel industry will enter the low-demand season, but technical front for nickel futures improved.

LME nickel will remain at current level today, and SHFE 1709 nickel should hover between RMB 72,600-74,000/mt, with spot prices between RMB 71,700-74,400/mt. 

LME Nickel to Stay Range-Bound (2017-6-7)

Price Review & Forecast 09:53:36AM Jun 07, 2017 Source:SMM

SHANGHAI, Jun. 7 (SMM) – API crude oil inventories for the week ending June 2 topped market expectations, but inventories of gasoline and refined oil were much higher, weighing on NYMEX oil prices. The market will lack solid news today. Stainless steel industry will enter the low-demand season, but technical front for nickel futures improved.

LME nickel will remain at current level today, and SHFE 1709 nickel should hover between RMB 72,600-74,000/mt, with spot prices between RMB 71,700-74,400/mt.