SHFE 1801 Nickel to Find Support from Macroeconomic News (2017-8-8)-Shanghai Metals Market

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SHFE 1801 Nickel to Find Support from Macroeconomic News (2017-8-8)

Price Review & Forecast 09:45:46AM Aug 08, 2017 Source:SMM

SHANGHAI, Aug. 8 (SMM) – The market will lack solid news today. MINAVIDA MINING’s newly developed mine will deliver goods, with output expected to be 6 million mt per year. China’s forex reserves added USD 23.93 in July, rising for 6 months in a row for the first time since June 2014. With positive macroeconomic front, LME nickel will move at highs above USD 10,300/mt today, and SHFE 1801 nickel should hover between RMB 84,600-85,600/mt, with spot prices between RMB 83,100-85,400/mt.  

SHFE 1801 Nickel to Find Support from Macroeconomic News (2017-8-8)

Price Review & Forecast 09:45:46AM Aug 08, 2017 Source:SMM

SHANGHAI, Aug. 8 (SMM) – The market will lack solid news today. MINAVIDA MINING’s newly developed mine will deliver goods, with output expected to be 6 million mt per year. China’s forex reserves added USD 23.93 in July, rising for 6 months in a row for the first time since June 2014. With positive macroeconomic front, LME nickel will move at highs above USD 10,300/mt today, and SHFE 1801 nickel should hover between RMB 84,600-85,600/mt, with spot prices between RMB 83,100-85,400/mt.