SHANGHAI, May 14 (SMM) – It is rumored that approximately 10,000 tonnes of Jinchuan nickel were on sale in the market.
Where do they go? Some questioned.
“The goods should be bought for delivery needs, and downstream producers will unlikely buy products for production,” SMM’s nickel analyst Liao said.
The sales prices of Jinchuan nickel are believed to be higher than spot prices, but a gap of 5,000-6,000 yuan between spot and SHFE nickel prices days ago still created decent profits for buying spot and selling futures, Liao added.
Jinchuan’s choice to move goods now may indicate its acceptance to the price after earlier sharp gains, in addition to costs in holding goods.
For price outlook, Mr. Liao sees further declines in nickel prices for the foreseeable future.
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