SMM Nickel Price Forecast (2-3 May, 2013)

SHANGHAI, Apr. 28 (SMM) - On Friday, Jinchuan Group raised ex-works prices for refined nickel to RMB 108,000/mt (large panel), and RMB 109,200/mt (small in barrel), up RMB 2,000/mt. In the Shanghai nickel spot market, #1 nickel averaged RMB 108,600/mt, down RMB 1,100/mt from a week earlier. With signs of prices rebounding, traders and producers held quotations firm. Downstream producers, however, showed little acceptance of the higher prices. LME nickel prices continued to rising during the last two trading days of last week. Market trading sentiment also improved as a small number of traders entered the market after price rallies. There will be only two trading days this coming week for the May Day holiday. Trading is expected to be quiet in China’s domestic nickel markets.