SHANGHAI, Mar. 18 (SMM) – In the Shanghai nickel spot market last week, #1 nickel averaged RMB 94,860/mt, up RMB 240/mt. Jinchuan Group adjusted ex-works prices four times, closing the week at RMB 97,000/mt, up by a total of RMB 1,000/mt. Spot trading turned brisk due to increased downstream buying interest, and traders purchased large amounts of Russian nickel for arbitrage trading.
This week, SMM expects LME nickel prices to maintain the present upward momentum, with prices moving between USD 15,800-16,300/mt. Prices for Jinchuan nickel will range between RMB 96,500-98,000/mt, creating a price difference with Russian nickel of RMB 1,000/mt.