SHANGHAI, Jun. 4 (SMM) – Last week, the average SMM spot nickel price was RMB 135,560/mt, down RMB 2,630/mt on a weekly basis. However, the average price during May surged by RMB 19,255.59/mt on a monthly basis to hit RMB 136,717.5/mt.
Jinchuan Group raised ex-works prices only once by RMB 500/mt to close the week at RMB 139,000/mt. Tight month-end liquidity deterred traders from buying, but some traders made arbitrage trades between spot and futures markets. Downstream producers showed little buying interest, allowing the price gap between Russian nickel and Jinchuan nickel to expand to RMB 400-500/mt.
SMM expects LME nickel prices to move between USD 18,300-19,000/mt this coming week.