SHANGHAI, Jun. 26 (SMM) - Spot nickel prices are expected to fall to 92,000-96,000 yuan per tonne next week on oversupply resulting from inflow of finance-driven nickel, SMM predicts.
As traders actively sold goods imported for financing use, supply in China’s nickel market has exceeded demand, forcing Jinchuan Group to cut prices offers.
“Moreover, nickel demand is expected to wane further recently due to anti-dumping actions targeting China’s stainless steel, and this will deal another blow to nickel prices,” SMM nickel analyst said.
LME nickel may also decline to $12,300-12,700 per tonne.
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