LME Nickel Price to Move Sideways (2017-7-14)

SHANGHAI, Jul. 14 (SMM) – US PPI unexpectedly rose in June, reflecting the stagnation in inflation may be only temporary. Fed Chair Janet Yellen expects Q2 growth to top Q1’s, helping the US dollar rise. The IEA expects global crude oil demand to strengthen, driving up oil prices. China will hold the fifth financial work meeting today, with emphasis on financial risk control and reform of financial supervision. LME nickel will remain range-bound today. SHFE 1709 nickel should hover between RMB 75,200-76,400/mt, with spot prices between RMB 75,000-77,500/mt.