SHFE Nickel to Underperform LME Nickel (2016-4-14)

SHANGHAI, Apr. 14 (SMM) – Positive Chinese economic data has restored market confidence, allowing iron ore prices to see big gains. LME nickel will fluctuate at high levels on Thursday.

SHFE 1609 nickel contract will meet resistance and move at RMB 69,500-71,000/mt. 

In domestic spot market, traders will stockpile goods, while downstream producers will be cautious about buying. Spot nickel prices will rise slightly to RMB 68,800-70,500/mt. 

Key Macroeconomic Indicators for Base Metal Prices (2016-4-14)