SHANGHAI, Aug. 4 (SMM) – Last week, prices for SMM #1 refined nickel gained RMB 980/mt, immune to the fall in LME nickel prices. Stable nickel prices on the Wuxi electronic trading allowed spot nickel prices in Shanghai to find strong support at RMB 128,000/mt. Jinchuan Group was eager to sell and cut nickel prices five times to close the week at RMB 129,500/mt. Downstream consumption remained sluggish, with transactions largely done by traders.
This coming week, tepid downstream demand in domestic spot nickel markets will keep spot nickel prices in check within RMB 129,000-132,000/mt.