SMM Nickel Weekly Price Review and Forecast (Jun. 9-13, 2014)

SHANGHAI, Jun. 10 (SMM) – Last week, the average price of SMM #1 refined nickel was RMB 133,837.5/mt, down RMB 1,722.5/mt from a week ago and with traded prices ranging between RMB 132,600-135,500/mt.Jinchuan Group adjusted ex-works prices a total of three times over this past week to finally close at RMB 134,000, down RMB 5,000/mt. Spot trading was light, and prices on the Wuxi electronic trading market fluctuated in a narrow range, with a few hedge trades made. Traders generally kept prices firm, leaving few low-priced goods available. Some NPI producers were heard to plan to sell previously-stocked nickel plate due to tight liquidity after being forced to cut output since Indonesia’s export ban on unprocessed ores.