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SMM Daily Review - 2011/9/2 Nickel Market
Sep 5,2011 08:57CST
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Source:SMM
In the Shanghai nickel spot market, trading sentiment continued to be quiet.

SHANGHAI, Sept. 5 (SMM) -- On Thursday, LME nickel prices opened at USD 22,208/mt and closed at USD 21,775/mt, down by USD 515/mt from a day earlier, with the highest price at USD 22,280/mt and the lowest price at USD 21,672/mt. On Friday, LME nickel prices slightly advanced to USD 21,800/mt after opening at USD 21,700/mt. Later, LME nickel prices were weighed down to hit a low of USD 21,525/mt due to stronger US dollar, with prices largely moving between 5-day and 20-day moving average. Friday’s non-farm employment data from the US will guide market performance to certain extent. LME nickel inventories were 103,290 mt, down 1,212 mt from a day earlier.

In the Shanghai nickel spot market, trading sentiment continued to be quiet. Traders raised offers in the morning trading hours, but spot transactions were sluggish due to bearish performance of Friday’s LME nickel price performance. Mainstream traded prices of nickel from Russia were in the RMB 162,000-162,500/mt range, and mainstream traded prices of nickel from Jinchuan Group were in the RMB 162,800-163,000/mt range. Transactions were largely made among traders, with few downstream consumers entering market.
 

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