SHFE nickel price rises further amid elevated macro sentiment

The Shanghai Futures Exchange nickel price continued its gains on Monday July 6 after a strong performance last week, with positive macro sentiment supporting the price despite quiet spot demand, sources told Fastmarkets.

SHFE's July nickel contract finished the day at 106,070 yuan ($15,022) per tonne, up by 1,170 yuan per tonne, or 1.12%, from 104,900 yuan per tonne on July 3.
"It's a macro-driven market now, [and] little changed on the fundamentals side, with a lack of physical demand in China," one Shanghai-based nickel analyst said.

The same analyst added that the market...

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