SMM Daily Review - 2012/3/7 Nickel Market

SHANGHAI, Mar. 8 (SMM) -- During Wednesday’s Asian trading hours, LME nickel prices rebounded slightly to move around USD 18,850/mt after opening at USD 18,690/mt. Greek private creditors had to vote over the debt swap deal which aims to 53.5% write-down of its EUR 177 debt. Investors concern that an agreement may not be reached on debt restructuring plan, which may inevitably cause Greek debt default. Therefore, LME nickel prices still face downward pressure. 

In the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were between RMB 134,200-134,500/mt, and mainstream traded prices of nickel from Russia were between RMB 133,900-134,100/mt during the morning trading hours. Supply of Jichuan nickel was ample in the market, while Russian nickel traders were reluctant to move goods as spot nickel prices were lower than converted LME nickel prices, leaving narrow price spread between Jinchuan nickel and Russian nickel. It was reported that some Jinchuan nickel were traded at RMB 134,000/mt, flat from prices of Russian nickel. In the afternoon trading hours, traded prices of spot nickel advanced to certain extent. Mainstream traded prices of Jinchuan nickel were around RMB 134,500/mt, and Russian nickel around RMB 134,000/mt.