SMM Daily Review - 2012/1/19 Nickel Market

SHANGHAI, Jan.20 (SMM) -- LME nickel fluctuated narrowly after opening during the Asian trading hours on Thursday.  The euro zone will have the most critical long-term debt demand test on Thursday nigh. In addition, Spanish and France will issue EUR 14 billion government bond, and market players were relatively optimistic towards debt issue result duet o European Central Bank’s financial support and relatively high yields rate of government bond. What’s more, the Greek debt negotiation is underway. Officials from IMF, European Central Bank and European Union will arrive to Athens on Friday to discuss rescue plan for possible default of Greek debt. In general, market sentiment was relatively optimistic as European leaders were actively solving its debt crisis.

In the Shanghai nickel spot market, mainstream offers of nickel from Jinchuan Group were in the RMB 138,500-139,000/mt range, and mainstream offers of nickel from Russia were around RMB 137,500/mt. Since offers were relatively high, some traders slightly cut offers to promote sales. In this context, traded prices of nickel from Jinchuan Group were between RMB 138,500-138,600/mt and mainstream traded prices of nickel from Russia were between RMB 137,300-137,500/mt range.