LME Nickel to Fluctuate at Highs (2017-8-11)

SHANGHAI, Aug. 11 (SMM) – China’s July PPI was weaker than expected, falling for the first time over the past year, leaving the US dollar index sluggish. Oil output by OPEC countries in July hit the highest for the year. Russian mulls over output growth, weighing down oil prices by about 2%. Fundamentals were positive. Inventories in domestic nickel industry chain are low. LME nickel will fluctuate at highs today, and SHFE 1801 nickel should hover between RMB 88,000-89,500/mt, with spot prices between RMB 86,500-88,200/mt.