SHANGHAI, Jul. 22 (SMM) – The news of nickel stockpiling by China’s State Reserve Bureau helped push up both LME and SHFE nickel prices on Jul. 21, though the two markets weakened some later.
Will the buying news continue to give a rising support to nickel price?
“Nickel price is expected to lurch higher further in the combination of current price below costs and purchasing news,” an analyst from Chaos Ternary Futures told SMM in an interview.
Another analyst from Ruida Futures also echoed the views, expecting a short-term rally in nickel market.
A wait-and-see attitude, however, is also advised by an analyst from Galaxy Futures in the interview, explaining that the buying news is not confirmed, and any rally from the news front will not persist long.
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