LME Nickel to Fluctuate at Highs (2017-6-12)-Shanghai Metals Market

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LME Nickel to Fluctuate at Highs (2017-6-12)

Price Review & Forecast 09:52:25AM Jun 12, 2017 Source:SMM

SHANGHAI, Jun. 12 (SMM) – Brexit will face great uncertainties as Theresa May failed to gain a majority. The US dollar index strengthened. The People’s Bank of China (PBOC) released signals that it will act to stabilize the market. News for oil market was mixed. Chinese stainless steel plants reported lower cost, but downstream demand remains soft. LME nickel will fluctuate at highs today, and SHFE 1709 nickel should hover between RMB 73,000-74,200/mt, with spot prices between RMB 72,100-73,800/mt. 

LME Nickel to Fluctuate at Highs (2017-6-12)

Price Review & Forecast 09:52:25AM Jun 12, 2017 Source:SMM

SHANGHAI, Jun. 12 (SMM) – Brexit will face great uncertainties as Theresa May failed to gain a majority. The US dollar index strengthened. The People’s Bank of China (PBOC) released signals that it will act to stabilize the market. News for oil market was mixed. Chinese stainless steel plants reported lower cost, but downstream demand remains soft. LME nickel will fluctuate at highs today, and SHFE 1709 nickel should hover between RMB 73,000-74,200/mt, with spot prices between RMB 72,100-73,800/mt.