SMM Nickel Weekly Price Review and Forecast (Oct. 27-31, 2014)

Oct 28, 2014 10:44

In China’s spot nickel market, the average price for SMM #1 refined nickel tumbled RMB 6,070/mt on a weekly basis to RMB 104,330/mt last week.

SHANGHAI, Oct. 28 (SMM) – In China’s spot nickel market, the average price for SMM #1 refined nickel tumbled RMB 6,070/mt on a weekly basis to RMB 104,330/mt last week. Increased price volatility on the Wuxi electronic trading and Shanghai spot nickel market enticed traders to enter the market for arbitrage. Only a few downstream producers went bargain hunting. Jinchuan Group cut nickel prices three times by a total of RMB 3,200/mt to close the week at RMB 103,300/mt. Russian nickel traded RMB 100-200/mt below Jinchuan nickel.

This coming week, nickel prices in China’s spot market are expected to fall faster to RMB 102,000-106,500/mt.

China nickel prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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SMM Nickel Weekly Price Review and Forecast (Oct. 27-31, 2014)

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