The LME market was closed yesterday due to the summer bank holiday.
Official and Caixin’s August PMI for China will be announced this morning, which are not promising. LME nickel prices fell below USD 10,000/mt after reopening, and should move between the 5 and 10-day moving averages. SHFE 1601 nickel contract prices dropped RMB 610/mt, and should hover between RMB 76,000-78,000/mt. Spot nickel prices in Shanghai are expected to fall to RMB 75,500-76,800/mt.
Zhejiang Yaang Pipe Industry Co., Limited (www.yaang.com)