SHANGHAI, May 19 (SMM) – SHFE nickel pulled back to as low as RMB 107,060/mt last Friday. Trading volumes of the most active SHFE nickel contract grew 328,000 to 3.58 million lots last week and positions increased 7,920 to 127,000.
In China’s spot nickel market, SMM #1 nickel prices averaged RMB 105,770/mt last week, up RMB 1,670/mt on a weekly basis. Jinchuan Group sold actively at high prices, but downstream buyers were cautious towards purchases. Jinchuan’s price offers slipped RMB 500/mt to RMB 109,500/mt last week after two price adjustments.
Supply in China’s nickel market was sufficient last week, and profitable opportunities were witnessed for importing nickel. Jinchuan Group increased shipments, dragging down spot prices for the product. Spot nickel prices in China are expected to remain stable at RMB 100,000-106,000/mt this week.