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SMM Daily Review - 2011/9/1 Nickel Market

iconSep 2, 2011 08:53
Source:SMM
Mainstream traded prices of nickel from Russia were in the RMB 164,500-164,000/mt range, and nickel from Jinchuan Group were in the RMB 165,000-164,500/mt range.

SHANGHAI, Sept. 2 -- On Wednesday, LME nickel prices opened at USD 21,805/mt and hit a low of USD 21,755/mt. Boosted by far-better-than-expected Chicago PMI for August and factory orders for July from the US, LME nickel prices surged to a high of USD 22,450/mt during the European trading hours. Later, the US dollar advanced versus the euro, pressing LME nickel prices to close at USD 22,290/mt, up by USD 380/mt from a day earlier. On Thursday, LME nickel prices advanced to USD 22,280/mt after opening at USD 22,208/mt during the Asian trading hours. Affected by slightly weak export data of PMI announced by China, the US dollar rebounded robustly. In response, LME nickel prices fell from USD 22,000/mt and currently moved around USD 21,700/mt.LME nickel inventories were 104,502 mt, up 702 mt from a day earlier.

In the Shanghai nickel spot market, traders expected that Jinchuan Group will raise ex-works nickel price due to positive performance of LME nickel price on Wednesday, so they raised offers to RMB 166,000/mt during the morning trading hours. However, traders' expectation was unmet when LME nickel prices fell all the way after opening. In response, offers in the Shanghai nickel spot market slipped and overall trading sentiment was quiet. Mainstream traded prices of nickel from Russia were in the RMB 164,500-164,000/mt range, and mainstream traded prices of nickel from Jinchuan Group were in the RMB 165,000-164,500/mt range. Transactions waned to great extent in the afternoon trading hours.
 

nickel price; nickel;

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