SHANGHAI, Mar. 2 (SMM) -- During Thursday’s Asian trading hours, LME nickel prices slipped to find support at USD 19,362/mt after opening at USD 19,935/mt. Boosted by China’s PMI rebounding to 51.0%, LME nickel prices advanced to hit USD 19,916/mt, but fell slightly later. LME nickel inventories were up 564 mt to 99,030 mt.
In the Shanghai nickel spot market, mainstream offers of nickel from Jinchuan Group were between RMB 138,300-138,500/mt, and mainstream offers of nickel from Russia were between RMB 137,700-138,000/mt. Purchases from downstream producers still did not improve. SMM believes that any improvement in spot transactions shall depend on profit margin at downstream stainless steel producers.