SHANGHAI, Jun. 27 (SMM) – US durable goods orders in May fell short of market expectations. The US dollar plunged but then rallied. Domestic stainless steel prices stopped rising. But the expected commissioning of Tsingshan’s stainless steel project in Indonesia will support nickel prices.
LME nickel will find support from USD 9,000/mt today, and SHFE 1709 nickel should hover between RMB 74,200-75,300/mt, with spot prices between RMB 73,500-76,100/mt. Profit at China’s large industrials in May will be eyed.