SHANGHAI, Oct. 15 (SMM) - In China’s domestic spot nickel market, the average price for #1 nickel for the week 30 September – 10 October was RMB 97,187.5/mt, down RMB 75/mt. On October 10th, Jinchuan Group adjusted ex-works prices once, cutting prices by RMB 1,200/mt to RMB 97,300/mt. Since traded prices for Jinchuan nickel were between RMB 97,300-98,000/mt and prices for Russian nickel were RMB 96,200-97,000/mt, a price gap of RMB 1,000-1,100/mt existed. Markets were waiting for clearer market direction, so traders remained cautious.
The results of US debt ceiling talks will remain the top market concern and risk aversion sentiment will be high, so LME nickel prices are not expected to experience any significant changes. In this coming week, China will release a series of major economic results, including CPI, PPI, fixed-assets investment growth and industrial growth for September. Markets are optimistic towards those results, so SMM expects LME nickel prices to move between USD 13,400-13,700/mt.