LME Nickel to Fluctuate at Highs (2017-6-26)-Shanghai Metals Market

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LME Nickel to Fluctuate at Highs (2017-6-26)

Price Review & Forecast 09:13:58AM Jun 26, 2017 Source:SMM

SHANGHAI, Jun. 26 (SMM) –Markit’s June manufacturing PMI for the US hit the lowest in 9 months, presenting slow economic expansion, leaving the US dollar fluctuating at lows. The Gulf of Mexico was attacked by a hurricane recently, which will affect about 17% of crude oil output and 5% natural gas production in the US. This supported oil prices. Domestic stainless steel plants returned to profitability after prices rallied. LME nickel will hover at highs today, and SHFE 1709 nickel should hover between RMB 74,600~75,700/mt, with spot prices between RMB 74,000-76,600/mt. 

LME Nickel to Fluctuate at Highs (2017-6-26)

Price Review & Forecast 09:13:58AM Jun 26, 2017 Source:SMM

SHANGHAI, Jun. 26 (SMM) –Markit’s June manufacturing PMI for the US hit the lowest in 9 months, presenting slow economic expansion, leaving the US dollar fluctuating at lows. The Gulf of Mexico was attacked by a hurricane recently, which will affect about 17% of crude oil output and 5% natural gas production in the US. This supported oil prices. Domestic stainless steel plants returned to profitability after prices rallied. LME nickel will hover at highs today, and SHFE 1709 nickel should hover between RMB 74,600~75,700/mt, with spot prices between RMB 74,000-76,600/mt.