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SMM Nickel Weekly Price Review and Forecast (13-17 May, 2013)
May 13, 2013 13:42Source:SMM
In the Shanghai nickel spot market, #1 nickel averaged RMB 106,620/mt, down RMB 1,980/mt from pre-holiday levels. Last week, rebounding LME nickel prices helped improve market sentiment.
SHANGHAI, May 13 (SMM) - In the Shanghai nickel spot market, #1 nickel averaged RMB 106,620/mt, down RMB 1,980/mt from pre-holiday levels. Last week, rebounding LME nickel prices helped improve market sentiment, allowing downstream producers and traders to increase purchases. Meanwhile, arbitrage opportunities in domestic electronic trading markets also resulted in a more brisk trading sentiment. However, these conditions may not be sustainable if LME nickel prices lose momentum given current high stocks of both nickel and stainless steel.
Shanghai nickel spot market
LME nickel prices
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