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Home / Metal News / Nickel Price Forecast

Nickel Price Forecast

Nov 7, 2017 11:57

Source:SMM

LME nickel price rises along with ferrous metal due to the high possibility of extension of oil production cut agreement.

SHANGHAI, Nov.7 (SMM) – US dollar weakened. Anti-corruption in Saudi Arabia caused political uncertainty. Possibility of the extension of production cut agreement has been increasing, which is upholding the climbing oil price and supporting base metal price. Price of ferrous metal continued its uptrent, and it influenced LME nickel to rise as well. It is estimated that LME nickel may go under the upper Bollinger Band and will be at higher consolidation. Today's focus is on China's foreign exchange reserves in October. NI1801 mainly stays at 101,800-103,300 yuan / tonne, with nickel spot 101,500-102,800 yuan / tonne.

The article is edited by SMM and is provided for information purpose only. It does not mean SMM agrees with its views and SMM assumes no liability for accuracy of information contained or quoted in the article.

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