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SMM Daily Review - 2011/9/29 Nickel Market
Sep 30,2011 08:58CST
price review forecast
Source:SMM
In the Shanghai nickel spot market, although LME nickel prices advanced, limited trading volumes still failed to boost transactions.

SHANGHAI, Sept. 30 (SMM) -- On Wednesday, LME nickel prices opened at USD 18,105/mt and closed at USD 18,000/mt, down USD 1,047/mt from a day earlier, with the highest price at USD 18,950/mt and the lowest price at USD 18,000/mt. On Thursday, LME nickel prices advanced to hit a high of USD 18,649/mt after opening at USD 18,105/mt during the Asian trading hours. Wait-and-see sentiment was relatively strong before result of Germany’s vote over expansion of bailout fund. Although LME nickel prices advanced, overall trading volumes were still at low level, an indication of cautious transactions. LME nickel inventories were 97,164 mt, down 126 mt.

In the Shanghai nickel spot market, although LME nickel prices advanced, limited trading volumes still failed to boost transactions. Coupled with guidance from Jinchuan Group’s ex-works price at RMB 139,000/mt, spot nickel prices did not receive upward momentum. Mainstream traded prices of nickel from Russia were in the RMB 139,000-139,500/mt range, and mainstream traded prices of nickel from Jinchuan Group were in the RMB 140,000-140,500/mt range. Overall trading sentiment was relatively quiet, largely due to traders’ wait-and-see sentiment and sluggish downstream consumption.
 

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