SHANGHAI, Aug. 25 (SMM) – After a recent surge, what’re major influential factors in the nickel market in the short term? Market players are advised to eye on following factors for a clear direction.
First, the impact on stainless steel scrap supply from VAT issue on secondary resources.
Second, stainless steel inventories
Third, Philippines’ final assessment on mining firms. The country’s new environment secretary Roy Cimatu said the final assessment on mining companies, which had been ordered to be suspended and cancelled by former secretary Gina Lopez in an intensified government environment crackdowns, will be released soon. The drafts will be finished by end of August, he said.
SMM foresees that LME nickel will fall back after hitting $11,825 per tonne, but will find support at $11,000 per tonne, and will likely challenge 2016’s peak in September.
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