SHANGHAI, Feb.23 (SMM) -- During Wednesday's Asian trading hours, HSBC announced that China’s PMI advanced for three consecutive months to 49.7, boosting domestic stock market. In response, LME nickel prices advanced to 10-day moving average, but fell to USD 20,519/mt after hitting the high. Investors were still cautious and trading volume was still limited as the Greek debt crisis still faces uncertainties and HSBC's China PMI is still below 50. It is expected that LME nickel prices shall continue to test sustainability during the European trading hours.
In the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were between RMB 140,000-140,200/mt, and mainstream traded prices of nickel from Russia were between RMB 139,200-139,300/mt during the morning trading hours. Downstream demand grew when LME nickel prices advanced during the afternoon trading hours, but supply was limited. Therefore, offers of nickel from Russia advanced to the RMB 139,500-139,800/mt range during the afternoon trading hours.