SMM Daily Review - 2012/1/12 Nickel Market

SHANGHAI, Jan. 13 (SMM) -- LME nickel for delivery in three months advanced after falling to USD 19,350/mt during the Asian trading hours on Thursday, and continued to advance to hit USD 19,500/mt on weaker US dollar during the European trading hours. It is expected that the industrial output data from the euro zone and the jobless claim data from the US will affect base metal market movement.

In the Shanghai nickel spot market, demand for spot nickel was still strong. Mainstream traded prices of nickel from Russia were between RMB 134,000-134,500/mt. As some traders were reluctant to move goods, offers of nickel from Jinchuan Group were mixed. Mainstream traded prices of nickel from Jinchuan Group were between RMB 135,700-136,000/mt, and offers as high as RMB 136,200-136,500/mt were also reported in the market. Generally speaking, trading sentiment was relatively brisk due to pre-holiday stock replenishment from downstream consumers on Thursday.