China’s investment data in May due for release this week and Fed’s interest rate meeting for June to be held this week should compound pressure on base metals this week.

SHFE 1609 nickel started higher at RMB 68,100/mt for night trading last Friday and grew to RMB 68,250/mt. The contract later ranged RMB 67,700-68,000/mt, to close at RMB 67,740/mt.

Jiangsu Dafeng Harbour holding group in Indonesia Southeast Sulawesi province will invest and build the smelting project of annual 300,000 tons of Ferronickel.

US crude oil inventories and IFO economic climate index for Germany in May will be announced today. Base metals are expected to strengthen with crude oil today, but a few metals will remain weak.

[Ferro-Alloys.com]LME nickel continued to rise this week after breaking through MA89 on Tuesday, up 3.87% on the day. The price began to fall after hitting 9,000 and was trying to break the resistance level of 9,000.

[Ferro-Alloys.com]LME nickel price broke through MA89 downwards the week earlier and a breakout was not seen in the week. The price was currently repressed by the MA89, moving around 8,400 level.

Tracking a firm trend overseas, copper and nickel strengthened by Rs 5 per kg at the local non-ferrous metal market today.

[Ferro-Alloys.com]Price for LME nickel declined sharply after seeing a 25% rebound from 7,550 to 9,480 from Feb 12 to Mar 7. The price is currently fluctuating around the 100-day MA.