SMM Comments: SHFE Nickel Hit Limit up with No Quotations from Traders

SHANGHAI, Mar 24 (SMM) - Driven by LME nickel, SHFE nickel prices rose to 245,740 yuan/mt. Traders had no quotations and were unwilling to ship due to futures hedging today, so Jinchuan and NORNICKEL nickel quoted flat to 245,740 yuan/mt. In terms of nickel briquette, while SHFE nickel prices remained high, some nickel sulphate manufacturers stopped in-house dissolusion of nickel briquette, thus some of the inventory was sold at 244,740 yuan/mt. In addition, due to the unstable prices and the futures hedging, nickel briquette traders made no offer and no willing to ship today. Influenced by the LME nickel capitals, today's movements of LME and SHFE prices were extremely fluctuated with few transactions.

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