SMM Nickel Weekly Price Review and Forecast (Aug. 11-15, 2014)

SHANGHAI, Aug. 11 (SMM) –Last week, prices for SMM #1 refined nickel fell RMB 710/mt to RMB 129,180/mt. Jinchuan Group raised prices only once by RMB 500/mt to RMB 130,000/mt. The low-end nickel price in domestic spot markets held firm. Traders became cautious once prices rose above RMB 130,000/mt as they are not sure whether LME nickel prices would rise further. The price spread Russian and Jinchuan nickel narrowed to less than RMB 500/mt as imported nickel supply tightened after traders cut imports against sluggish domestic consumption.    

 

This coming week, anemic downstream demand in domestic spot nickel markets will keep spot nickel prices in check within RMB 129,000-132,000/mt.