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SMM Nickel Weekly Price Review and Forecast (Apr. 21-25, 2014)
Apr 22, 2014 09:15Source:SMM
LME nickel prices are expected to fluctuate between USD 17,700-18,100/mt. Jinchuan nickel prices should be between RMB 119,000-121,000/mt.
SHANGHAI, Apr. 22 (SMM) – Last week, the average price for SMM #1 nickel was RMB 120,180/mt, up RMB 7,467.5/mt from a week ago. Jinchuan Group raised ex-works prices four times by a total of RMB 2,000/mt to close the week at RMB 123,000/mt. Downstream consumption did not increase significantly, so traded prices were generally at the lower end of the price range. With the LME closed for the Good Friday holiday, China’s physical markets were quiet.
This coming week, HSBC’s flash China manufacturing PMI for April will be closely watched. LME nickel prices are expected to fluctuate between USD 17,700-18,100/mt. Prices for Russian nickel are expected between RMB 118,000-120,000/mt, and Jinchuan nickel prices should be between RMB 119,000-121,000/mt.
China nickel price forecast
LME nickel prices
Jinchuan nickel prices
For queries, please contact Michael Jiang at michaeljiang@smm.cn
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