SHANGHAI, Feb.3 (SMM) -- During Thursday’s Asian trading hours, LME nickel prices advanced after opening at USD 21,085/mt, drawing support from domestic stock market’s rebounding to 2,300 points, and struggled around 5-day moving average during the afternoon trading hours. During Thursday’s European trading hours, the US will announce non-farm employment data for Q4 2011 and last week’s seasonally adjusted initial jobless claim. The US dollar index slipped to certain extent during Chinese New Year holiday, and other economic data from the US was not inspiring. It is expected the to-be-announced non-farm employment data and initial jobless claim will be vital indicators measuring the US economy, which will affect movement of the US dollar and LME nickel prices. It is expected that market will take clue from the US economic data.
Jinchuan Group cut ex-works nickel prices by RMB 4,000/mt to RMB 145,000/mt on Thursday. In China’s nickel spot market, mainstream traded prices of nickel from Jinchuan Group were between RMB 143,800-144,000/mt, and mainstream traded prices of nickel from Russia were between RMB 142,000-142,500/mt. After Jinchuan Group cut its ex-works nickel prices, a small amount of nickel at RMB 143,500/mt was supplied in the market, but the limited trading volume failed to affect mainstream traded prices. Prices of domestic nickel were lower than LME nickel, which was mainly due to the fact that some traders still had profits available even if they moved goods lower than Jinchuan Group’s ex-works prices amid LME nickel price rally during Chinese New Year holiday. Overall trading sentiment was still not brisk in spot nickel market. According to market players, some downstream producers will replenish stocks in the following week, and overall trading volume will increase by then.