SHANGHAI, Jun. 19 (SMM) – Nickel prices may extend loss next week with LME nickel falling below $12,500 per tonne as demand from stainless steel mills should wane and supply is on the rise, SMM predicts.

“With stainless steel sector stepping into an offseason, nickel consumption will keep declining, reflected in low purchases last week,” SMM nickel research team noted.

Moreover, China’s nickel inventories were reported up, and traders have been shipping out goods actively. Thus, SMM sees China’s spot nickel prices to fall further to 92,000-96,000 yuan per tonne next week.

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