Tsingshan Project to Support Nickel Price (2017-6-27)-Shanghai Metals Market

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Tsingshan Project to Support Nickel Price (2017-6-27)

Price Review & Forecast 09:39:51AM Jun 27, 2017 Source:SMM

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. 

Tsingshan Project to Support Nickel Price (2017-6-27)

Price Review & Forecast 09:39:51AM Jun 27, 2017 Source:SMM

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.