Home / Metal News / SMM Daily Review - 2011/9/6 Nickel Market

SMM Daily Review - 2011/9/6 Nickel Market

iconSep 7, 2011 08:58
In the Shanghai nickel spot market, traded prices were mixed.

SHANGHAI, Sept. 7 (SMM) -- On Monday, LME nickel prices opened at USD 21,500/mt and closed at USD 20,995/mt, down by USD 465/mt from a day earlier, with the highest price at USD 21,600/mt and the lowest price at USD 20,741/mt. On Tuesday, after opening at USD 20,800/mt, LME nickel prices initially slipped but later rebounded during the Asian trading hours, with prices hitting a low of USD 20,630/mt. During the afternoon trading hours, LME nickel prices were boosted to point to USD 21,000/mt due to significant decline of the US dollar.  LME nickel inventories were 101,610 mt, down 798 mt from a day earlier.

In the Shanghai nickel spot market, traded prices were mixed. During the morning trading hours, Jinchuan Group cut ex-works nickel prices by RMB 3,000/mt to RMB 160,000/mt, dragging down spot nickel prices o certain extent. Coupled with decline of LME nickel prices on Tuesday, spot nickel prices fell below USD 160,000/mt. During the morning trading hours, traded prices of nickel from Jinchuan Group were in the RMB 159,000-159,500/mt range, and traded prices of nickel from Russia were in the RMB 158,000-158,500/mt range.  Spot nickel prices slipped further during the afternoon trading hours. Traded prices of nickel from Jinchuan Group were around RMB 158,000/mt and mainstream traded prices of nickel from Russia were in the RMB 156,500-157,000/mt range. Overall transactions were quiet. Transactions were largely made among traders, while downstream consumers largely adopted a wait-and-see attitude.


 

nickel price; nickel;
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

For queries, please contact Lemon Zhao at lemonzhao@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news

SMM Events & Webinars

All