SHFE Nickel to Face Downward Pressure (2017-8-1)-Shanghai Metals Market

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SHFE Nickel to Face Downward Pressure (2017-8-1)

Price Review & Forecast 09:27:01AM Aug 01, 2017 Source:SMM

SHANGHAI, Aug. 1 (SMM) – Anthony Scaramucci has been removed as White House communications director, pushing down the US dollar to 92.767. Crude oil prices rose. Longs on SHFE nickel closed positions actively, weighing down nickel prices. SHFE nickel faces downward pressure after continuous gains. LME nickel will move above USD 10,150/mt today, and SHFE 1709 nickel should hover between RMB 82,000-83,200/mt, with spot prices between RMB 82,200-84,200/mt. 

SHFE Nickel to Face Downward Pressure (2017-8-1)

Price Review & Forecast 09:27:01AM Aug 01, 2017 Source:SMM

SHANGHAI, Aug. 1 (SMM) – Anthony Scaramucci has been removed as White House communications director, pushing down the US dollar to 92.767. Crude oil prices rose. Longs on SHFE nickel closed positions actively, weighing down nickel prices. SHFE nickel faces downward pressure after continuous gains. LME nickel will move above USD 10,150/mt today, and SHFE 1709 nickel should hover between RMB 82,000-83,200/mt, with spot prices between RMB 82,200-84,200/mt.