SHANGHAI, Jun. 17 (SMM) – SMM #1 nickel prices were quoted between RMB 126,000-127,000/mt. End-users stayed on the sidelines, and traders also lacked interest in operations, with transactions made between RMB 126,200-127,200/mt in the afternoon. As Russian nickel supply was sufficient after China’s probe into financing fraud at the Port of Qingdao, the price spread between Russian nickel and Jinchuan nickel expanded to RMB 1,000-1,200/mt.
SMM surveyed 36 market players and found that 67% believe LME nickel prices will move at relatively high levels between USD 18,200-18,600/mt based on expectations that Indonesia’s ban on the export of unprocessed ore will remain in place.
33% believe LME nickel prices will hover between USD 17,800-18,200/mt. They believe LME nickel price gains yesterday were due to China’s fine-tuning, and nickel prices will fall after the news was absorbed.