SHANGHAI, Jul. 1 (SMM) – SMM #1 nickel prices were quoted between RMB 127,300-127,800/mt, with spot transactions mainly in the morning. Traded prices were boosted by rising nickel prices on the Wuxi electronic trading, but transactions were muted. Investors were standing on the sidelines due to cash flow tightness, with trading volumes by traders mostly between 80-100 mt.
SMM surveyed 36 market players and found that none of them are bullish toward nickel price trends this week.
64% believe LME nickel prices will move between USD 18,500-19,000/mt. The low-demand season for stainless steel set in, and LME nickel inventories also stand high. Investors are now cautious.
36% believe LME nickel prices will hover between USD 18,100-18,500/mt. US June non-farm employment figures scheduled for release this Thursday is optimistic as the weather and US GDP both improve, and a rising US dollar index will negatively affect LME nickel prices.