SHANGHAI, Jun. 10 (SMM) – SMM #1 nickel prices were quoted between RMB 132,100-132,500/mt. As LME nickel prices continued to slide, end-users lacked interest in purchasing, leaving transactions muted and mainly made among arbitrage traders. Prices were between RMB 132,000-133,000/mt in the morning, and fell to RMB 131,600-131,900/mt in the afternoon.
SMM surveyed 36 traders on Monday and found that 58% believe LME nickel prices will hover between USD 18,600-19,100/mt this week. Until the release of stimulus macroeconomic policies, nickel prices are pessimistic in June due to soft demand from steel plants, cash flow tightness and low demand for finance-driven imports. But ongoing Indonesia’s ban on the exports of unprocessed ore and output cut and suspension at some domestic NPI producers will lead to NPI supply tightness, which will give solid support to nickel prices.
42% think LME nickel prices will fall to USD 18,150-18,550/mt. Nickel prices are pessimistic due to the low-demand season for nickel.