SHANGHAI, Jun. 16 (SMM) – Last week, the average price for SMM #1 spot nickel was RMB 129,650/mt, down RMB 4,187.5/mt on a weekly basis, and with a trading range of RMB 126,400-134,000/mt. Jinchuan Group cut ex-works prices a total of three times to finally close the week at RMB 127,800/mt, down RMB 6,200/mt. Despite falling prices, consumption remained sluggish due to the low-demand season.
In China’s domestic spot nickel markets, most traders believe spot nickel prices will find support at RMB 128,000/mt. Falling prices last week encouraged some buyers to go bargain hunting. Should spot nickel prices extend losses and LME nickel prices fall below USD 18,000/mt this week, those buyers that stockpiled last week will sell their holdings. Spot nickel prices are expected to move between RMB 124,000-130,000/mt this week.