SMM Daily Review - 2012/3/22 Nickel Market

SHANGHAI, Mar. 23 (SMM) -- During Thursday’s Asian trading hours, LME nickel prices drifted lower after opening at USD 18,875/mt, and accelerated declined during the early European trading hours. As of 6:30 pm, LME nickel prices already hit a low at USD 18,500/mt. The weak momentum of LME nickel prices shall not be easily reversed following losses recorded for six consecutive days, and it is expected that LME nickel prices may hit a new low in this year. LME nickel inventories were 97,788 mt, down 60 mt from a day earlier.

In the Shanghai nickel spot market, spot nickel prices slightly declined on Thursday. During the morning trading hours, traded prices were firm in the RMB 134,300-135,300/mt range. When LME nickel prices fell later, mainstream traded prices of nickel from Russia were in the RMB 134,300-135,300/mt range, and mainstream traded prices of nickel from Jinchuan Group were around RMB 13,500/mt. Overall trading sentiment was quiet amid LME nickel price decline and sluggish downstream purchases.