SHANGHAI, Nov. 20 (SMM) – LME nickel prices are expected to be weak in 2016, SMM predicts at its annual summit on Nov. 12-13 in Shanghai.
“Falling costs, supply surplus, inflow of imported resources and tepid demand will paint a gloomy picture for 2016’s nickel market,” SMM nickel analyst said at SMM summit, which attracted more than 500 market participants.
The average LME nickel price is expected at $12,050 per tonne in 2015, and $11,000-12,000 per tonne in 2016, the analyst foresees.
The fourth quarter in 2015 will see its worst performance of the metal over the whole year, the analyst noted.
“Nickel prices will likely drop to the lowest level of 2015 in November due to poor market fundamentals and a strong dollar,” the analyst explained to the attendees at the summit.
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