SMM Daily Review - 2012/2/28 Nickel Market-Shanghai Metals Market

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SMM Daily Review - 2012/2/28 Nickel Market

SMM Insight 09:01:32AM Feb 29, 2012 Source:SMM

SHANGHAI, Feb.29 (SMM) -- After opening at USD 20,164/mt, LME nickel prices broke through 10-day and 5-day moving average consecutively and hit a high at USD 20,336/mt during the Tuesday’s Asian trading hours, which was mainly boosted by that Germany Parliament passed second round Greek bailout agreement at 4:00 pm. During the European and US trading hours, market optimism may grow due to the European Central Bank’s three-year long term refinancing operation (LTRO) to be implemented on Wednesday.

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 139,200-139,500/mt due to tight supply and firm offers during the morning trading hours. During the afternoon trading hours, mainstream traded prices of nickel from Russia advanced to RMB 139,500/mt amid LME nickel price hike, leaving price spread between Russian nickel and Jinchuan nickel as narrow as RMB 500/mt.

 

SMM Daily Review - 2012/2/28 Nickel Market

SMM Insight 09:01:32AM Feb 29, 2012 Source:SMM

SHANGHAI, Feb.29 (SMM) -- After opening at USD 20,164/mt, LME nickel prices broke through 10-day and 5-day moving average consecutively and hit a high at USD 20,336/mt during the Tuesday’s Asian trading hours, which was mainly boosted by that Germany Parliament passed second round Greek bailout agreement at 4:00 pm. During the European and US trading hours, market optimism may grow due to the European Central Bank’s three-year long term refinancing operation (LTRO) to be implemented on Wednesday.

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 139,200-139,500/mt due to tight supply and firm offers during the morning trading hours. During the afternoon trading hours, mainstream traded prices of nickel from Russia advanced to RMB 139,500/mt amid LME nickel price hike, leaving price spread between Russian nickel and Jinchuan nickel as narrow as RMB 500/mt.