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SMM Daily Review - 2011/11/3 Nickel Market
Nov 4,2011 08:55CST
price review forecast
Source:SMM
A lack of actual demand and possible further declines in LME nickel prices left spot market sentiment lackluster.

SHANGHAI, Nov. 4 (SMM) -- On Wednesday, LME nickel prices opened at USD 18,700/mt and closed at USD 18,480/mt, down USD 120/mt from a day earlier, with the highest price at USD 19,080/mt and the lowest price at USD 18,350/mt. On Thursday, LME nickel prices fluctuated lower during Asian trading hours after opening at USD 18,600/mt, with prices dipping to a low of USD 18,322/mt. Markets eyed the G20 summit, and uncertainties over European debt crisis and higher possibility of Greek default weighed on market sentiment, with LME nickel prices slipping as a result. LME nickel inventories were 85,986 mt, down 552 mt.

In the Shanghai nickel spot market, traded prices fell slightly on Thursday, and mainstream traded prices for nickel from Russia were between RMB 136,000-136,500/mt, while mainstream traded prices for nickel from Jinchuan Group were between RMB 138,500-138,800/mt. Market transactions were sluggish, and only a small number of downstream enterprises made purchases, with traders showing little interest in transactions due to weak LME nickel prices. A lack of actual demand and possible further declines in LME nickel prices left spot market sentiment lackluster.

 

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