SHANGHAI, Feb.24 (SMM) -- HSBC’s China initial PMI was still below 50 at 49.7 in February, and PMI in the euro zone fell from 50.4 in January to 49.7 in February. Although economic data indicated business activities continued to expand in Germany and France, growth rate of business activities slowed from a month earlier. In addition, Fitch put Greek long-term domestic and foreign currency issuer default rating from CCC to C, triggering market concern over sluggish manufacture activities in China and the euro zone and weighing on base metal prices. In this context, LME nickel prices were weighed after opening at USD 20,130/mt on Thursday’s Asian trading hours, but advanced to hit a high at USD 20,250/mt as Shanghai Composite Index advanced and were able to stood above 2400 points. Finally, LME fell and were weighed below 10-day moving average, fluctuating weekly around 5-day moving average.
In the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were between RMB 139,800-140,000/mt, and mainstream traded prices of nickel from Russia were between RMB 139,000-139,200/mt during the morning trading hours. Transactions were still made among traders, and limited from downstream consumers. During the afternoon trading hours, lowest traded prices of nickel from Jinchuan Group were between RMB 139,500-139,700/mt, and mainstream traded prices of nickel from Russia were at RMB 139,000/mt. Overall trading sentiment turned quieter during the afternoon trading hours.