SHANGHAI, Apr. 29 (SMM) – Last week, the average price for SMM #1 nickel was RMB 124,350/mt, up RMB 4,170/mt from a week ago. Jinchuan Group raised its ex-works prices to RMB 128,000/mt, up by RMB 5,000/mt. The price gap between Jinchuan and Russian nickel narrowed to RMB 800-900/mt, but tight supply of Russian nickel has allowed prices of some domestic brands, such as Jiangli, Yuanjiang and Xinjiang, to move higher. Trading volumes were still limited, however.   

 

Chinese markets will be closed this Thursday and Friday for the May Day holiday. A series of major economic reports, including US non-farm payrolls, unemployment, and manufacturing data, will be announced this week, but SMM expects investors to be cautious ahead of those results. LME nickel prices are expected to move between USD 17,800-USD 18,400/mt, with solid support at USD 18,000/mt.