SHANGHAIM, Jul. 11 (SMM) – Output cut anticipation at Libya and Nigeria shored up oil price. Cash market reports ample supply in early July. US dollar index will keep rallying on Tuesday, with rising earning rate of 10-year US treasury security. Indonesia approved Jiangsu Delong Nickel Industry’s project phase three, and Indonesia Tsingshan Stainless Steel started trail production of 3-mln mt of hot-rolled stainless steel project. LME nickel will see range-bound trading on Tuesday and SHFE 1709 nickel will fluctuate at RMB 73,300-74,500/mt.
In China’s domestic market, spot nickel should trade at RMB 73,000-75,500/mt on Tuesday.
