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Home / Metal News / LME Nickel to See Range-Bound Trading (2017-7-5)

LME Nickel to See Range-Bound Trading (2017-7-5)

Jul 5, 2017 09:26

Source:SMM

LME nickel will see range-bound trading on Wednesday and SHFE 1709 nickel will fluctuate at RMB 74,700-75,900/mt.

SHANGHAIM, Jul. 5 (SMM) – US dollar index drops while gold advances due to geopolitical tension. US’s crude oil output growth slows down, and falling drillings support crude oil price to stay firm. Attention should be on composite PMIs from China, Europe and US on Wednesday. Indonesia allows PT Ceria Nugraha Indotama to export 2.3 million mt of nickel ores before July 2018, easing supply. LME nickel will see range-bound trading on Wednesday and SHFE 1709 nickel will fluctuate at RMB 74,700-75,900/mt. Spot nickel should trade at RMB 74,400-76,800/mt in China’s market.

SHFE nickel

LME nickel

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