What’s Price Outlook for SHFE Nickel after Three-Day Holiday? SMM Reports

Published: May 27, 2017 17:34

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This past week, LME nickel declined from $9,445 to $9,035 per tonne. What’s the price outlook in the coming week?

SHANGHAI, May 27 (SMM) - This past week, LME nickel declined from $9,445 to $9,035 per tonne, and SHFE 1709 nickel dropped to 74,990 yuan after advancing to 78,580 yuan on May 23. What’s the price outlook in the coming week?

How Much Further Can Nickel Ore Fall? SMM Reports

At present, there is no big improvement in nickel market fundamentals, despite of the news that Philippines President declared martial law in Mindanao, one of major nickel ore producing regions in the country. LME market is expected to trade at $8,900-9,250 per tonne in the coming week.

SHFE Releases Risk Management Rules for Trading around 2017 Dragon Boat Festival

The SHFE market will close on May 29 and 30 for the 2017 Chinese Dragon Boat Festival which runs from May 28-30. SHFE nickel will look for price direction from LME nickel market after returning from the holiday, with prices expected at 74,500-76,600 yuan for the most-actively traded nickel contract.

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nickel prices nickel ore prices china nickel ore inventories

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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