Nickel prices rebounded sharply after plunging

SHANGHAI, June 1 (SMM) – The market was cautious early last week. However, the $6 trillion new infrastructure plan in the US on Thursday ignited the enthusiasm of the capital market to speculate on commodity prices. This, coupled with other positive factors, bolstered nickel prices by nearly 5%. LME nickel has begun to roll back its gains during the European session on Friday, but we remain optimistic over nickel prices in the medium to long term in view of demand for nickel raw material from high production schedules of stainless steel and new energy products. Commodity prices should gradually return to fundamentals amid domestic curb on excessive speculations. SHFE nickel prices are expected to fluctuate between 129,000-136,000 yuan/mt this week, and LME nickel prices are expected to move between $17,600-18,500/mt.