SHANGHAI, Apr. 9 (SMM) – Last week, the average price for SMM #1 nickel was RMB 103,960/mt, up RMB 2,100/mt from the previous week. Jinchuan Group adjusted ex-works prices four times, with prices closing the week at RMB 106,000/mt, up by a total of RMB 4,200/mt. Spot trading in China’s domestic nickel markets was sluggish due to tight month-end liquidity and low selling interest. Prices for Russian nickel were RMB 800-900/mt below Jinchuan nickel, down from the previous week’s price.
No major positive economic news is expected to be announced this week. SMM believes LME nickel prices will find solid support at USD 15,700/mt. In China’s domestic nickel markets, prices this week for Russian nickel are expected between RMB 104,000-106,000/mt, and between RMB 105,000-107,000/mt for Jinchuan nickel.