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SMM Daily Review - 2011/12/16 Nickel Market
Dec 19,2011 08:33CST
smm insight
Source:SMM
Affected by Thursday’s LME nickel price rebound, spot nickel prices advanced slightly on Friday.

SHANGHAI, Dec. 19 (SMM) -- Last Friday, at the summit between Russia and the EU, the Russia's president Medvedev said that Russia will help EU to cope with debt crisis, when the US and Japan were unwilling to offer large scale aid. Russia's stance boosted European market to certain extent and prevented LME nickel prices from stumbling again. LME nickel prices rebounded to USD 18,085/mt during the afternoon trading hours, but meet strong resistance at USD 18,000/mt due to absence of positive news. Close attention should be paid to LME nickel price performance during the European trading hours.

In the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were in the RMB 127,000-127,200/mt range, and mainstream traded prices of nickel from Russia were in the RMB 125,200-125,500/mt range. Affected by Thursday’s LME nickel price rebound, spot nickel prices advanced slightly on Friday. During Friday’s afternoon trading hours, some traders raised offers by RMB 100-200/mt amid further increase of LME nickel prices. By virtue of slightly rebound of LME nickel price and considering the current low spot nickel prices, some traders considered that the time was ripe for them to replenish stocks. In this context, transactions were relatively brisk in the market.

 

nickel; nickel price; spot nickel price; LME nickel price; Jinchuan Group; in the Shanghai nickel spot market; Dec. 16;

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