SHANGHAI, Jul. 3 (SMM) – LME nickel prices will fall further to $12,200-11,800 per tonne next week, SMM foresees.

SHFE approved the application of Norilsk nickel for deliveries on the exchange this week, triggering a sharp fall in nickel prices, and the impact will continue into next week.

Panic ignited by the Greek default will also bode ill for nickel prices.

In China, ample supply and weak demand during the offseason for stainless steel will drag spot nickel prices down to 88,000-92,000 yuan per tonne, SMM predicts.