SMM Nickel Weekly Price Review and Forecast (Mar. 24-28, 2014)

Mar 25, 2014 09:22

This week, SMM expects LME nickel prices to fall back, with low and high-end expected at USD 15,400/mt and USD 16,000/mt, respectively.

SHANGHAI, Mar. 25 (SMM) – Last week, the average price of #1 SMM refined nickel was RMB 100,160/mt, up RMB 5,300/mt. Jinchuan Group raised ex-works prices by a total of RMB 5,500/mt to end the week at RMB 102,500/mt, Downstream producers generally stood on the sidelines and made only limited purchases. Hedging trading dominated market transactions.

This week, SMM expects LME nickel prices to fall back, with low and high-end expected at USD 15,400/mt and USD 16,000/mt, respectively. In China’s domestic nickel spot market, ample supply has cooled speculation over prices. With nickel prices in Wuxi’s electronic trading falling, traded prices for Russian nickel this week are expected to be RMB 99,000-101,000/mt, creating a gap of RMB 1,000/mt with Jinchuan nickel. Downstream buying interest will be low, with most deals made mainly among traders.

LME nickel prices

China nickel price forecast

China nickel spot 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 Price Review and Forecast (Mar. 24-28, 2014)

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