SHANGHAI, Jun. 5 (SMM) – Spot nickel prices in China are expected to drop further to 92,500-101,000 yuan per tonne next week as Jinchuan Group increases supplies, SMM says.
Premiums of Jinchuan nickel over nickel contract on the China Stainless Steel Exchange narrowed sharply last week, as shipments from the leading nickel producer grew.
Meanwhile, traders also moved goods actively and nickel imports were also reported up. The resulting nickel supply growth should drive down prices.
Outlook for LME nickel is also bearish with LME nickel stocks climbing above 470,000 tonnes. “Given this bulging supply and unimproved consumption, LME nickel may fall further, probably hitting $12,500 per tonne.” SMM notes.
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