SHANGHAI, Oct. 22 (SMM) - In China’s domestic nickel spot markets, the average price of #1 nickel from 11-17 October was RMB 97,370/mt, up RMB 182.5/mt from a week earlier. Jinchuan Group raised ex-works prices by a total of RMB 700/mt during the week to hit RMB 98,000/mt last week. Traded prices for Jinchuan nickel were between RMB 97,500-98,200/mt, and were RMB 96,500-97,200/mt for Russian nickel, creating a gap of RMB 1,000/mt between the two. Trading was thin, with deals mainly among traders.
Now that the US debt limit issue has been temporarily resolved, market attention is now shifting to upcoming economic reports. The US will announce non-farm payrolls for September, but the latest disappointing initial jobless claims are casting a shadow over the results. A weak dollar is expected to support LME nickel in the coming week. PMI readings from major economies, as well as HSBC’s China PMI, will be also released in the coming week. LME nickel is expected to move in a USD 150/mt range around the USD 14,000/mt mark.