SMM Nickel Weekly Price Review and Forecast (Apr. 20-24, 2015)

SHANGHAI, Apr. 21 (SMM) – SHFE nickel prices also rebounded from RMB 92,640/mt to stand above the 10-day moving average, but met strong resistance. Trading volumes surged 371,000 lots to 929,000 lots, while positions grew 25,270 to 131,000.

In China’s spot nickel market, SMM #1 refined nickel traded at an average price of RMB 94,190/mt last week, down RMB 2,110/mt on a weekly basis. Imported nickel still claimed a large share in China’s spot nickel supply, dragging down imported nickel prices. Some downstream producers bought on dips. Jinchuan Group did not adjust ex-works prices last week, as the rebound in LME nickel was limited and as a majority of goods in the market were imported nickel.

Lackluster nickel demand is expected to leave spot prices at RMB 93,000-96,500/mt this week.