SMM Nickel Market Daily Review (2013-10-21)

Price Review & Forecast 09:22:07AM Oct 22, 2013 Source:SMM

SHANGHAI, Oct. 22 (SMM) – In Shanghai, Jinchuan raised nickel prices by RMB 1,000/mt, to RMB 99,000/mt. SMM #1 zinc prices were between RMB 98,100-99,100/mt, with Russian nickel supply tight and transactions quiet. Jinchuan nickel prices were around RMB 99,500/mt in the afternoon, but trades were muted.

SMM surveyed 36 market players and found that 72% believe LME nickel prices will rise to USD 14,200-14,500/mt this week. China’s 3Q GDP rose by 7.8%, boosting market confidence. US non-farm employment data will be released Tuesday, which is optimistic. But the market thinks US government shutdown has hurt real economy, and US will unlikely back off QE3 until next March, which will positively affect LME nickel prices in the near term.

28% market players believe LME nickel prices will move between USD 14,000-14,200/mt. They will remain cautious prior to the release of housing data, CPI, PPI and non-farm employment figures from the US. Besides, LME nickel prices will lack ability to rise due to sluggish demand.
 

Key Words:  nickel prices  

SMM Nickel Market Daily Review (2013-10-21)

Price Review & Forecast 09:22:07AM Oct 22, 2013 Source:SMM

SHANGHAI, Oct. 22 (SMM) – In Shanghai, Jinchuan raised nickel prices by RMB 1,000/mt, to RMB 99,000/mt. SMM #1 zinc prices were between RMB 98,100-99,100/mt, with Russian nickel supply tight and transactions quiet. Jinchuan nickel prices were around RMB 99,500/mt in the afternoon, but trades were muted.

SMM surveyed 36 market players and found that 72% believe LME nickel prices will rise to USD 14,200-14,500/mt this week. China’s 3Q GDP rose by 7.8%, boosting market confidence. US non-farm employment data will be released Tuesday, which is optimistic. But the market thinks US government shutdown has hurt real economy, and US will unlikely back off QE3 until next March, which will positively affect LME nickel prices in the near term.

28% market players believe LME nickel prices will move between USD 14,000-14,200/mt. They will remain cautious prior to the release of housing data, CPI, PPI and non-farm employment figures from the US. Besides, LME nickel prices will lack ability to rise due to sluggish demand.
 

Key Words:  nickel prices