SMM Daily Review - 2011/12/20 Nickel Market

SHANGHAI, Dec. 21 (SMM) -- On Tuesday, LME nickel prices fluctuated narrowly during the Asian trading hours. Investors will pay close attention to the US new home starts for November and Germany’s INFO index for December to be released on Tuesday night. LME nickel inventories were down by 252 mt to 88,086 mt.

In the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were in the RMB 128,000-128,500/mt range, and mainstream traded prices of nickel from Russia were in the RMB 126,000-126,500/mt range. As transactions increased to certain extent during Monday’s afternoon trading hours following price cut from some traders, demand and transactions were relatively soft on Tuesday.