[Ni Price] Nickel Price Climb on State Buying Rumor and Production Cuts, Will This Continue?

Jul 21, 2015 17:27

Source:SMM

The rumors of nickel stockpiling by China’s State Reserve Bureau (SRB) drove the September-delivery contract up to close at 87,870 yuan per tonne Jul. 21, a gain of 3.25%.

SHANGHAI, Jul. 21 (SMM) – The rumors of nickel stockpiling by China’s State Reserve Bureau (SRB) drove the September-delivery contract up to close at 87,870 yuan per tonne Jul. 21, a gain of 3.25%.

It was rumored since the beginning of this week that SRB will buy around 30,000 tonnes of nickel.

“In addition to this, a potential cut at nickel ore miners amid the sluggish nickel market should be also a driver behind today’s nickel price gain,” Shanghai Metals Market’s nickel analyst says.

Moreover, rising steel prices after the strengthening of environment protection inspections should also lend a support to stainless steel price, also favoring nickel prices, SMM adds.

“These positive factors are expected to buoy up the nickel market, and LME nickel will likely advance to $12,000 per tonne, but will face great resistance to climb to $12,500 per tonne,” SMM foresees.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.

nickel prices

shfe nickel prices

lme nickel prices

ni price

SRB purchase

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

For queries, please contact Lemon Zhao at lemonzhao@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Privacy Policy Compliance Centre SMM Credit Service Contact Us About Us Terms & Conditions Sitemap Holiday Pricing Schedule

Notice: By accessing this site you agree that you will not copy or reproduce any part of its contents (including, but not limited to, single prices, graphs or news content) in any form or for any purpose whatsoever without the prior written consent of the publisher.

[Ni Price] Nickel Price Climb on State Buying Rumor and Production Cuts, Will This Continue?

SMM Events & Webinars

NET ZERO CHINA Field Trip

SMM Indonesia Seminar: Li-ion Battery & Energy Storage

2025 ASIA BATTERY MATERIAL COOPERATION SALON