SHANGHAI, Dec. 18 (SMM) – LME nickel market made no big response to US’s rate hike decision in nearly a decade.
“The rate hike did not open bigger downward room for nickel prices, and in China’s spot nickel market, demand is expected to wane further as year-end nears,” SMM says.
This week, LME nickel is expected to trade at $8,600-9,100 per tonne, and prices for SHFE 1605 nickel contract will be move around 69,000-71,500 yuan per tonne, SMM predicts.
On Dec. 15, 10 large medium and high-grade NPI Chinese producers agreed on production cuts in the coming year, and rumors of nickel stockpiling were also heard.
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