SHANGHAI, Jul. 17 (SMM) – Sluggish US inflation will depressed amrekt expectations that the Fed will raise interest rate further this year, positively affecting the US dollar. NYMEX oil saw mounting long momentum. US shale oil production and output cut by OPEC countries will be eyed. China’s financial work conference will found financial development stabilization commission, enhancing macro-prudential regulation by the People’s Bank of China and systematic risk control responsibility. Stainless steel plants witnessed sufficient orders, which are due for August delivery. They increased nickel raw material purchases.
LME nickel will hover at highs today. SHFE 1709 nickel should hover between RMB 77,200-78,700/mt, with spot prices between RMB 76,500-79,300/mt.