SMM Nickel Market Morning Review (2015-6-10)

Jun 10, 2015 10:14

China’s May CPI growth was 1.2%, down further from April’s 1.5% and falling far short of the government’s target.

SHANGHAI, Jun.10 (SMM) – China’s May CPI growth was 1.2%, down further from April’s 1.5% and falling far short of the government’s target. PPI was also down 4.6% YoY, sliding for the 37 straight month.

LME nickel prices opened at USD 13,364/mt on Tuesday, then rose and touched USD 13,615/mt during European and US trading hours, but rolled back all early gains to close at USD 13,370/mt, down 0.15%. Trading volumes increased 522 lots to 6,538 lots, and total positions increased 5,375 to 243,295. LME nickel inventories were down 1,176 mt to 467,904 mt.

LME nickel prices are expected to fall further today. SHFE 1507 nickel contract prices rose RMB 250/mt Monday evening. Spot nickel prices in Shanghai will drop to RMB 97,600-101,000/mt today.

LME nickel prices

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SMM Nickel Market Morning Review (2015-6-10)

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