SHANGHAI, Jul. 24 (SMM) – SHFE nickel outperformed LME nickel last week, with bigger gains, and what’s outlook for nickel market this week?
Last week, LME nickel closed the week up 0.37%, while SHFE 1709 nickel finished 2.60% higher, according to SMM data.
“Nickel market is expected to fall back this week amid profit-taking by longs, but will be supported by positive technical indicators,” SMM nickel analyst says.
LME nickel is expected to trade between $9,450-9,700 per tonne this week, SMM projects.
Last week, trading sentiment in the imported nickel market improved with the opening of profitable import window, with premiums up, SMM data showed.
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