Nickel Price to Hover at Highs, SMM Foresees

Published: Jul 17, 2017 14:52

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Last week, SHFE 1709 nickel increased for four days in a row from July 11, and LME nickel rallied to $9,290 per tonne from $8,895 per tonne.

SHANGHAI, Jul. 17 (SMM) – Last week, SHFE 1709 nickel increased for four days in a row from July 11, and LME nickel rallied to $9,290 per tonne from $8,895 per tonne.

What’s the outlook for nickel market this week?

C. Steinweg Logistics Holds Nickel Inventories Stable in Bonded Area

"Nickel market is estimated to hover at highs this week on falling inventory in China’s market and positive technical indicators,” SMM nickel analyst says.

This week, LME nickel is predicted to trade between $9,100-9,450 per tonne, and 75,200-77,200 yuan per tonne for SHFE three-month nickel, SMM foresees.

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nickel price lme nickel shfe nickel

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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