SHFE Nickel Prices off 3.43% (Dec. 8, 2015)

Zhongwei shares issued an announcement last night that, in view of the company's continued optimism in the high nickel matte recovered from nickel laterite smelting, its wholly-owned subsidiary Zhongwei Hong Kong New Energy reached a supplementary agreement with RIGQUEZA to make additional investments in the joint venture PT.ZhongTsing New Energy. The two parties agreed to build a new laterite smelting project in Indonesia (Phase II) with an annual production capacity of 30,000 m of high nickel matte in metal content on top of Phase I project.

The current tightness of NPI, coupled with the upward trend in cost-end prices (mainly rising electricity prices) and the reduction in NPI output caused by power rationing, has made the problem of NPI shortage more difficult to solve.

LME zinc moved between moving averages.

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SHFE 1709 nickel opened at RMB 79,800/mt today, and slumped with longs closing positions, dipping to RMB 79,310/mt.

SHFE 1709 nickel opened at RMB 79,310/mt today, and reached RMB 79650/mt in the morning.

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SHFE 1709 nickel started at RMB 84,370/mt and closed at RMB 84,860/mt, up RMB 590/mt or 0.70%.

LME nickel will fluctuate at around USD 10,000/mt and SHFE 1705 nickel will fluctuate between RMB 81,900-83,500/mt.

SHFE 1705 nickel started at RMB 81,280/mt and closed at RMB 80,930/mt.