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Home / Metal News / Shanghai Nickel Prices to Fall (2016-1-12)

Shanghai Nickel Prices to Fall (2016-1-12)

Jan 12, 2016 09:39

Source:SMM

Glencore filed for bankruptcy at its US company. Offshore yuan surged, while crude oil prices dropped.

SHANGHAI, Jan. 12 (SMM) – Glencore filed for bankruptcy at its US company. Offshore yuan surged, while crude oil prices dropped. LME nickel is expected to fall to previous low today.

See forecast for other base metals, please click:Price Weakness to Continue in Shanghai Market, SMM Says

SHFE 1605 nickel prices should drop to RMB 66,000-67,500/mt. Downstream buyers will mainly took a wait-and-see attitude, and Shanghai spot nickel should fall to RMB 64,700-66,300/mt.

Key Macroeconomic Indicators for Base Metal Prices (2016-1-12)

Glencore

SHFE nickel prices

LME nickel prices

For queries, please contact William Gu at williamgu@smm.cn

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The focus of this week includes the September seasonally adjusted trade account in the Eurozone; the November New York Federal Reserve manufacturing index; the October unemployment claims and unemployment rate in the United Kingdom; the Eurozone’s Q3 GDP annual rate readings and seasonally adjusted quarterly rate of employment; US retail sales monthly rate in October.

Nov 15, 2021 14:15

SMM Insight SMM Comments

Zinc Prices to Correct amid Weak Consumption

Glencore Has No Restart Plan in Near Term, Zinc Production Rises 9% in Q1 2017

Glencore said in its Q1 earnings report its zinc production at self-owned mines rose 9% on a yearly basis to 279,200 tonnes in the first quarter of 2017.

May 5, 2017 17:09

Industry Reminder

Glencore Has No Restart Plan in Near Term, Zinc Production Rises 9% in Q1 2017

Glencore Shut down Another Lead-Zinc Mine

Glencore closed another lead-zinc mine on Monday as reserves exhausted, according to wenhua.com.

Nov 2, 2016 09:52

Industry Reminder

SHFE 1701 Nickel to Rebound (2016-9-13)

The US dollar index weakened overnight due to Fed official’s dovish statement. Crude oil erased some losses.

Sep 13, 2016 09:18

SMM Comments

Shanghai Spot Nickel to Rise (2016-9-2)

Crude oil slumped due to oversupply.

Sep 2, 2016 09:17

SMM Comments

SHFE Nickel Ends with Small Gains (2016-8-29)

SHFE 1701 nickel started at RMB 78,380/mt and closed at RMB 78,570/mt, down 0.15%.

Aug 29, 2016 17:46

SMM Comments

Shanghai Spot Nickel to Stabilize (2016-8-29)

Crude oil was weighed down last Friday due to Janet Yellen’s hawkish statement, while the US dollar index gained ground.

Aug 29, 2016 09:40

SMM Comments

3% Chinese Market Players Optimistic toward Nickel, SMM Surveys

SMM surveyed 30 market participants to find that 1 are bullish toward nickel price this week, 13 are neutral and 16 are bearish.

Aug 23, 2016 10:25

SMM Comments

SHFE Nickel Ends Lower (2016-8-15)

SHFE 1701 nickel started at RMB 80,710/mt and then posted gains. During the afternoon business, SHFE 1701 nickel fluctuated at RMB 81,200-81,600/mt and ended at RMB 80,850/mt, down 2.91%.

Aug 15, 2016 17:19

SMM Comments

SHFE Nickel Ends with Losses (2016-8-12)

SHFE 1701 nickel started at RMB 83,650/mt and dropped below the 20-day moving average to a session-low of RMB 82,600/mt later before finally closding at RMB 83,100/mt, down 1.25%.

Aug 12, 2016 15:49

SMM Comments

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Shanghai Nickel Prices to Fall (2016-1-12)

SMM Events & Webinars

2024 SMM Middle East Secondary Metal Field Trip

NET ZERO MEA - Solar & Energy Storage

2025 SMM (20th) Lead & Zinc Conference and Industry Expo