The price of nickel is driving market sentiment and the tin is expected to rise
2017-11-03 17:28 Foshan Gangtuo Import and Export Co. Ltd
News from Futures market said the FED has announced after the policy meeting that it would maintain its current interest rate unchanged but stressed that the U.S. economy was growing robustly and suggested there will be a high rate of interest rate hikes in February. On the night of November 1st , the price of the LME tin was shaken up mainly and with a small increase of 55 dollars and it has a gain of $19,500.
At the night of the same day, the price of LME nickel was continued to rise and its latest closing price was at $12725 which has up for $320. With the rise of new energy vehicles around the world, the industry's demand for nickel is promising and the nickel price has soared. In the two days the LME nickel has rose more than 9% and the price of Shanghai nickel has also continued to rise strongly. The latest closing price of the main month of 1801 was reported at 101,040 yuan and it has rose for 4.98%. The latest inventory of nickel from London metal exchange (LME) on November 1st was 381,444 metric tons, which has down 462 metric tons from the previous session's inventory.
On November 2nd the opening price of the main month of the Shanghai nickel’s 1801 contract was 101,100 yuan. On the same day at 09:20, the 1709 contract’s price of Shanghai nickel was RMB 100,830 which is 4,580 yuan higher than before. Which has helped by the recent increased demand for electric cars will drive up the nickel, nickel’s prices was further heats up and the Shanghai nickel is close to 100000 yuan and it was a nearly two years more than high. It’s expected that the spot nickel will be continue to rise.