LME Nickel to Lack Upward Momentum (2017-10-18)

Published: Oct 18, 2017 09:40

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The US dollar index shot up to near 93.5 yesterday on market speculation that US President may nominate a candidate that wishes to raise interest rate more quickly as head of US Fed.

SHANGHAI, Oct. 18 (SMM) – The US dollar index shot up to near 93.5 yesterday on market speculation that US President may nominate a candidate that wishes to raise interest rate more quickly as head of US Fed. Eyes will be on 19th CPC National Congress that started today. LME nickel will lack further rising impetus after hitting USD 11,930/mt. Trading will be poor in domestic spot nickel market since high nickel prices will turn downstream producers away. Stainless steel consumption is also poor recently. So, nickel prices may fall. SHFE 1801 nickel will trade at RMB 92,800-93,800/mt, and spot nickel will trade at RMB 92,500-93,500/mt.

LME nickel prices SHFE nickel prices

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