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

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

Price Review & Forecast 05:29:29PM Jun 03, 2013 Source:SMM
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. 
 

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

Price Review & Forecast 05:29:29PM Jun 03, 2013 Source:SMM
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.