SMM Daily Review - 2010/1/18 Nickel Market

SHANGHAI. Jan. 19 (SMM) -- Last Friday, LME nickel prices fell to the lowest daily level at USD 18,126/mt and received support  there, and LME nickel prices closed at USD 18,560/mt, with mild rebound. On Monday, US dollar fluctuated on downward track, and LME nickel prices fluctuated on upward track above 10-day moving average after falling to USD 18,460/mt. Technical indicator showed slight rebound of LME nickel prices in the future, and prices may test USD 19,000/mt.

In the Shanghai nickel market, nickel prices rose slightly by RMB 250/mt due to support of price increases from Jinchuan Group. Traded prices of imported nickel were in the RMB 140,500-141,000/mt range, and traded prices of nickel from Jinchuan Group were in the RMB 141,500-142,000/mt range. As prices climbed in electronic trading, offers were raised in the afternoon, and prices of nickel from Jinchuan Group were at RMB 142,500/mt. Overall trading sentiment was relatively brisk in Shanghai market, and trading sentiment was inspired by purchases from large steel mills. Considering the relatively narrow price spread between costs and selling prices, some traders were unwilling to move goods as they were optimistic towards prices increases in the future.

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