LME Nickel Price to Move at Lows (2017-7-10)

Published: Jul 10, 2017 09:47

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Baker Hughes rig count for the week ending July 7 grew further.

SHANGHAI, Jul. 10 (SMM) –Baker Hughes rig count for the week ending July 7 grew further. Russia has no additional output cut plan, growing market concerns over oversupply. Oil prices are bearish in the near term. Sluggish salary growth will intensify concerns over Fed rate hike, mounting pressure for the US dollar index. Stainless steel end-users have built stocks, allowing stainless steel prices to fall after rising. LME nickel will hover at lows today, and SHFE 1709 nickel should hover between RMB 73,000-74,200/mt, with spot prices between RMB 72,800-75,500/mt.

nickel prices LME nickel prices SHFE nickel prices

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