SMM Daily Review – 2011/6/17 Nickel Market

SHANGHAI, Jun. 20 (SMM) -- LME nickel for delivery in three months opened at USD 22,025/mt and closed at USD 21,700/mt last Thursday, down by USD 220/mt from a day earlier, with the highest price at USD 22,100/mt and the lowest price at USD 21,619/mt. LME nickel prices advanced to USD 21,850/mt after opening at USD 21,700/mt last Friday, but prices immediately fell and hit a low of USD 21,525/mt due largely to stronger US dollar, with prices largely moving below 5-day moving average. LME nickel inventories were down by 348 mt to 111,396 mt.

Jinchuan Group cut ex-works nickel prices by RMB 3,000/mt to RMB 167,000/mt Last Friday. Mainstream traded prices of nickel from Jinchuan Group were in the RMB 167,000-167,500/mt range, and mainstream traded prices of nickel from Russia were in the RMB 166,000-166,500/mt range. Traded prices were relatively high in the morning trading hours, but slipped to certain extent in the afternoon trading hours, with spot prices falling further. Generally speaking, transactions were extremely sluggish. Transactions were largely done among traders, and few downstream purchasers entered market.

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