SHANGHAI, Jun. 24 (SMM) – Last week, the average SMM #1 spot nickel price was RMB 128,160/mt, down RMB 1,490/mt from the previous week. Jinchuan Group raised ex-works prices a total of four times by RMB 700/mt to close the week at RMB 128,500/mt. Traders went bargain hunting, with traded prices reported between RMB 126,000-128,300/mt. Downstream producers took a wait-and-see stance, with no plans of buying raw materials in significant amounts.
Volatile nickel prices on the Wuxi Electronic Trading will create arbitrage opportunities between spot and futures markets. Demand will remain weak since June is normally a low-demand month for nickel consumption. In this context, spot nickel prices are expected to move between RMB 127,000-132,000/mt this week.