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Home / Metal News / SMM Nickel Market Daily Review (2014-10-27)

SMM Nickel Market Daily Review (2014-10-27)

Oct 28, 2014 09:14

Source:SMM

SMM #1 nickel prices were between RMB 100,800-101,100/mt.

SHANGHAI, Oct. 28 (SMM) – SMM #1 nickel prices were between RMB 100,800-101,100/mt. Spot price volatility was small in the morning, and quotes were level with 1411 nickel contract prices on the Wuxi electronic trading, with traded prices between RMB 100,800-101,100/mt and trading muted. Spot prices dropped with LME nickel prices after 3:30 pm, with Jinchuan nickel prices as low as RMB 100,500/mt. Jinchuan lowered nickel prices RMB 2,300/mt to RMB 101,000/mt, but trading was quiet.

SMM surveyed 30 market participants and found that none was bullish. 83% believe LME nickel prices will fall to USD 14,000-14,850/mt. LME nickel prices have been falling over the past seven weeks, and LME nickel inventories continue to grow. Demand did not improve, and stainless steel plants continued to lower procurement prices for NPI due to sufficient supply. As of last Friday, domestic NPI prices shed gains from the enforcement of Indonesia’s export ban.

17% believe LME nickel prices will fluctuate between USD 14,700-15,000/mt. LME nickel prices are expected to typically rise, and domestic loss-making NPI producers chose to suspend production, which will give support to NPI prices.

nickel prices

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