LME Nickel to Stay at Current Level (2017-6-16)-Shanghai Metals Market

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LME Nickel to Stay at Current Level (2017-6-16)

Price Review & Forecast 09:45:46AM Jun 16, 2017 Source:SMM

SHANGHAI, Jun. 16 (SMM) – The US dollar strengthens after Fed rate hike. OPEC report, IEA report and US gasoline inventory data showed oversupply in crude oil markets, weakening NYMEX July oil. Stainless steel prices rallied in the latter half of the week.

LME nickel will consolidate at current levels today, and SHFE 1709 nickel should hover between RMB 72,500-73,700/mt, with spot prices between RMB 71,900-74,400/mt. 

LME Nickel to Stay at Current Level (2017-6-16)

Price Review & Forecast 09:45:46AM Jun 16, 2017 Source:SMM

SHANGHAI, Jun. 16 (SMM) – The US dollar strengthens after Fed rate hike. OPEC report, IEA report and US gasoline inventory data showed oversupply in crude oil markets, weakening NYMEX July oil. Stainless steel prices rallied in the latter half of the week.

LME nickel will consolidate at current levels today, and SHFE 1709 nickel should hover between RMB 72,500-73,700/mt, with spot prices between RMB 71,900-74,400/mt.