Worries about demands have not subsided which has lead to a lack of sentiment in nickel
2017-11-17 16:16 Foshan Gangtuo Import and Export Co. Ltd
The falling oil prices have added to the cautious mood in commodity markets. Last night, the LME nickel prices has fell for 2.32 % and it has hit a more than five-week low. Worries about a slowdown in China's economy have depressed demand for industrial metals which has led to a sustained decline in the metal price.
As the basic metal prices were anemic, the LME nickel has kept its low price after opening and the latest closing price was at $11,385. In the evening, the latest closing price of Shanghai nickel's main monthly contract of 1805 was at 92730 yuan, which has down for 1650 yuan and has a decline at 1.75%.
Today, the opening quotation of the main month contract of the Shanghai nickel is RMB 94280 which is 100 yuan lower than yesterday. At 09:20, the price of the shanghai-nickel’s 1709 contract is 93,060 yuan. With the slowing growth of the Chinese economy depressing the outlook for industrial metals demand, the performance of Shanghai nickel is still weak. The overall market sentiment is still bearish and the spot nickel price is expected to continue falling today.