Nickel Prices to Hover Around Low Levels on Feb 28

SHANGHAI, Feb 28 (SMM) - Affected by the weak demand and falling open interest of SHFE 2303 nickel, SHFE nickel prices and the spot premiums kept falling. The upstream companies were more willing to ship. The average price of NPI dropped 10 yuan/mtu yesterday compared with the previous trading day. Thousands of metric tonnes of NPI were traded at 1,335 yuan/mtu by a stainless steel mill in east China. On the demand side, according to SMM research, spot stainless steel quotations continued to fall yesterday, and transactions weakened. SMM believes that the spot stainless steel prices will remain rangebound with some downward potential in the short term under inventory pressure. In general, pure nickel demand remained weak, and the supply did not grow palpably. SMM presumes that nickel prices will remain rangebound around low levels.