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SMM Daily Review - 2012/3/16 Nickel Market
Mar 19,2012 08:42CST
smm insight
Source:SMM
According to market players, tight supply of Russian nickel has eased to certain extent, so price spread between Jinchuan nickel and Russian nickel shall expand to reasonable levels.

SHANGHAI, Mar. 19 (SMM) -- The recent strong non-farm employment data and upbeat retail sales data from the US and the low likelihood of QE3 boosted the US dollar to rally. In response, the US dollar hit the highest level last seen in November 2011, but met strong resistance to climb further after profit-taking. In this context, the US dollar extended gains slowly during last Friday’s Asian trading hours, allowing LME nickel prices to advance slightly. It is expected that LME nickel prices will continue to test resistance at 5-day moving average and support at 10-day moving average on Friday night.

During morning trading hours in the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were between RMB 137,500-137,700/mt, and mainstream traded prices of nickel from Russia were in the RMB 136,500-136,700/mt range. Traders slightly lowered prices in the afternoon trading hours in order to promote sales, so traded prices of Jinchuan nickel were in the RMB 137,300-137,500/mt range and Russian nickel were around RMB 136,500/mt, with few volume traded at RMB 137,000/mt at the tail of the trading. According to market players, tight supply of Russian nickel has eased to certain extent, so price spread between Jinchuan nickel and Russian nickel shall expand to reasonable levels. 
 

nickel; nickel price; spot nickel price; LME nickel price; Jinchuan Group; in the Shanghai nickel spot market; Mar.16;

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