LME Nickel to Remain Strong (2017-8-24)

SHANGHAI, Aug. 24 (SMM) – Eurozone’s PMI result for August was higher than expected, and new export index registered the fastest growth in more than 6 years, and the dollar traded lower after Trump’s comments that threaten shutdown over border wall. 

Nickel market now gets boost from strong demand from stainless steel sector. On Thursday, LME nickel is expected to trade firmly, and will feel pressure at the 2016-year’s high. SHFE 1801 nickel will hover at highs, with prices between RMB 94,000-95,800/mt, and in China’s domestic spot market, prices are expected to trade at RMB 93,600-94,800/mt.