SMM Nickel Weekly Price Review and Forecast (3-7, Jun. 2013)

SHANGHAI, Jun. 3 (SMM) - Last Tuesday, Jinchuan Group cut ex-works prices for refined nickel to RMB 104,500/mt (large panel), and RMB 105,700/mt (small in barrel), a drop of RMB 2,000/mt and mainly for long-term contracts. In the Shanghai nickel spot market, #1 nickel averaged RMB 104,540/mt, down RMB 650/mt from a week earlier. Facing tight liquidity at the month’s end, downstream producers showed little buying interest, and with a lack of arbitrage trading due to only small price changes, trading among traders was also anemic. 

 

Nickel market fundamentals are weak, so nickel prices will remain soft.