Shanghai Metals Market reported that after surveying 36 nickel market players, it found that 78 percent are optimistic about where London Metal Exchange (LME) nickel prices will go this week. They think prices will likely consolidate at US$14,500 per metric ton (MT) and touch $15,200 per MT.
As quoted in the market news:
That is because major economic data from Europe and the US over the past two weeks are positive, and China’s economic data released last week also boosted market confidence over demand in China, which will push up zinc prices . Besides, as US economy recovers, economic data from the country this Thursday and Friday is expected to be positive, which will drive up US stocks and base metals prices.
17% market players believe LME nickel prices will hover between USD 14,300-14,500/mt. LME nickel prices have jumped for four days in a row, especially the US dollar index looks set to rebound after bottoming out, which will weigh on LME nickel prices. Besides, China’s domestic demand is still soft.