Nickel Prices Crash on News Factors

SHANGHAI, Mar 6 (SMM) - Nickel prices trended lower on frequently released news factors last week. On March 1, it was learned that Russian nickel products were banned in LME’s American warehouses, but SMM research showed that LME warehouses in the US currently have no substantial inventory, so it cast no impact on nickel prices. On March 2, the news said that NORNICKEL Nickel, the largest nickel producer in Russia, shipped goods to China in RMB. The spots were priced based on the mixed price of SHFE and LME nickel. Nickel futures prices fluctuated greatly. The pricing method of NORNICKEL Nickel was conducive to nickel prices returning to fundamentals. Affected by the news concerning NORNICKEL Nickel last week, the spot premiums and SHFE nickel futures prices fell sharply, and the spot transactions showed an improvement. NPI traders got high in-plant stocks, and some were eager to dump their goods. On the demand side, according to SMM research, recent stainless steel transactions have been slack, and the traders were less willing to pick up goods, pushing up the market spot supply. In general, nickel prices trended lower owing to the news front, and the spot trading picked up slightly.