SMM Nickel Weekly Review and Forecast (18-22 Nov. 2013)

Nov 18, 2013 15:30

LME nickel prices are expected to fluctuate in the USD 13,700-14,000/mt range this week. In China’s spot nickel market, buying interest is expected to improve.

SHANGHAI, Nov. 18 (SMM) - In the Shanghai nickel spot market, #1 nickel averaged RMB 96,100/mt, down RMB 1,700/mt from a week earlier. Traded prices for Jinchuan nickel were between RMB 96,000-97,800/mt, creating a price gap with Russian nickel of RMB 1,000/mt. Trading was quiet last week due to low buying interest and trader reluctance to sell after prices rallied.

LME nickel prices are expected to fluctuate in the USD 13,700-14,000/mt range this week. In China’s spot nickel market, buying interest is expected to improve. Prices for Jinchuan nickel are expected between RMB 97,000-98,500/mt, with the price gap between Jinchuan and Russian nickel moving around RMB 1,000/mt.

LME nickel prices

China’s spot nickel market

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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SMM Nickel Weekly Review and Forecast (18-22 Nov. 2013)

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