SMM Nickel Weekly Price Review and Forecast (May. 4-8, 2015)

Published: May 5, 2015 10:18

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SHFE nickel prices outperformed LME nickel, and posted sharp rises to touch RMB 104,530/mt, the highest since the launch of SHFE nickel trading.

SHANGHAI, May 5 (SMM) – SHFE nickel prices outperformed LME nickel, and posted sharp rises to touch RMB 104,530/mt, the highest since the launch of SHFE nickel trading. Trading volumes surged 545,000 lots to 1.18 million lots as of last Thursday morning, and positions increased 6,556 to 120,000.

SMM #1 nickel prices averaged RMB 99,088/mt last week, up RMB 5,138/mt. The number of imported nickel entered China’s spot market declined with the Shanghai/LME nickel price ratio down, and availability of Jinchuan nickel remained limited. Spot trades improved some. Jinchuan Group’s price offers increased RMB 6,300/mt to RMB 101,300/mt following two price adjustments.

SMM expects China’s spot nickel prices to rise slightly this week to RMB 102,000-105,000/mt on limited inflow of imported goods and tight supply of Jinchuan nickel.

SHFE nickel prices

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

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