SMM Nickel Market Morning Review (2014-4-22)

SHANGHAI, Apr. 22 (SMM) – The LME market overnight was closed.

With the lack of directions from the LME market, prices in Wuxi fluctuated weakly after opening. Jinchuan prices were between RMB 120,500-120,800/mt before 10:00 am. The strong SHFE copper prices boosted nickel futures prices in Wuxi. Jinchuan nickel prices were as high as RMB 121,100/mt in the afternoon. Russian nickel supply was tight as importers held back goods, with prices between RMB 119,900-120,100/mt. In the afternoon, Russian nickel prices rose to RMB 120,500/mt, with trades quiet. Traders were actively replenishing stocks at lower prices, but end-user demand was soft. Jinchuan lowered nickel prices by RMB 1,700/mt, to RMB 121,300/mt.

US April Richmond manufacturing index will be released today. LME nickel prices will fluctuate between USD 17,850-18,000/mt, and spot nickel prices in Shanghai will be between RMB 120,500-1215, 000/mt.