SHANGHAI, May 21 (SMM) – Nickel prices in SHFE market are expected to underperform LME nickel, and also spot nickel, Shanghai Metals Market’s interview finds.
“LME nickel staged a small rally after tumbling, but SHFE nickel market is expected to show weaker performance over China’s spot nickel and LME nickel,” an analyst from Guosen Futures told SMM in a latest interview.
In China’s domestic spot market, prices of Jinchuan nickel held firm at premiums over SHFE nickel, and Russian nickel also turned into premiums from discounts over futures prices.
SMM expects China’s nickel spot price to inch up to 95,000-100,000 yuan per tonne on May 21.
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