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Home / Metal News / Nickel Price to Find Support (2017-7-24)

Nickel Price to Find Support (2017-7-24)

Jul 24, 2017 09:22

Crude oil prices weakened on top of news supplies from OPEC countries surged.

SHANGHAI, Jul. 24 (SMM) – Crude oil prices weakened on top of news supplies from OPEC countries surged. Eurozone July PMI, Markit’s July PMI for the US and existing home sales in June will be released today. The US dollar will move at lows today.LME nickel will find support from USD 9,500/mt, and SHFE 1709 nickel should hover between RMB 77,500-78,800/mt, with spot prices between RMB 77,200-80,000/mt.

nickel prices

LME nickel prices

SHFE nickel prices

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

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Jinchuan Group cut its ex-works prices by 500 yuan per tonne on Mar. 30.

Mar 30, 2016 14:08

Reminder

SHFE Nickel Closes with Small Gains (Mar. 29, 2016)

SHFE 1605 nickel started at RMB 68,180/mt overnight and then narrowly ranged RMB 68,100-68,300/mt.

Mar 29, 2016 15:41

SMM Comments

Chinese Stainless Steel Mills Increase Nickel Plate Purchases, SMM Reports

Medium and large Chinese stainless steel mills have increased purchases of nickel plate recently in the Shanghai market, according to survey by Shanghai Metals Market.

Mar 29, 2016 13:43

Industry

China Low-Grade NPI Price Rise on Supply Tightness, SMM Says

Prices for low-grade NPI rose 10 yuan on Mar. 21 in China’s domestic spot market, according to SMM data.

Mar 22, 2016 10:39

Industry

Shanghai Spot Nickel Prices to Climb (2016-2-22)

LME nickel is expected to maintain upward momentum on news that the Philippines will reduce nickel ore supply.

Feb 22, 2016 09:52

SMM Comments

Shanghai Spot Nickel Prices to Remain Firm (2016-2-19)

China’s credit loans surged, and gold posted sharp gains. Saudi Arab will not cut crude oil output.

Feb 19, 2016 09:28

SMM Comments

Shanghai Spot Nickel Prices to Stabilize (2016-2-4)

Crude oil prices rebounded on output cut expectations. The US dollar index plunged. LME nickel is expected to remain range-bound today.

Feb 4, 2016 10:46

SMM Comments

SHFE Nickel Ends Up 1.66% (Jan. 18, 2016)

SHFE 1605 nickel started last Friday night session at RMB 67,820/mt and bounced back to RMB 68,960/mt.

Jan 18, 2016 19:37

SMM Comments

Shanghai Spot Nickel Prices to Rise (2016-1-15)

Risk appetite improved after negative news was absorbed.

Jan 15, 2016 10:13

SMM Comments

SHFE Nickel Up 0.8% (Dec. 31, 2015)

SHFE 1605 nickel opened Wednesday night session at RMB 70,100/mt and then narrowly ranged RMB 69,880-70,400/mt.

Dec 31, 2015 19:05

SMM Comments

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Nickel Price to Find Support (2017-7-24)

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