No Gains in Sight for Nickel Prices, SMM Says

Published: Apr 8, 2016 17:47

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As of Friday noon, LME nickel traded at $8,450 per tonne, up 1.75% on a weekly basis, while during the same period, SHFE 1605 nickel was off 0.18% to 66,290 yuan per tonne.

SHANGHAI, Apr. 8 (SMM) –As of Friday noon, LME nickel traded at $8,450 per tonne, up 1.75% on a weekly basis, while during the same period, SHFE 1605 nickel was off 0.18% to 66,290 yuan per tonne.

What’s the outlook for nickel prices in the coming week?

“Nickel market is not expected to stage price gains for the foreseeable future, as supply remains sufficient, despite of demand improvement,” SMM nickel analyst says.

On Apr. 8, Jinchuan Group cut its ex-works prices by 500 yuan per tonne.

SMM expects LME nickel to trade between $8,300-8,700 per tonne in this week.

What Factors Drive up China NPI Prices? SMM Reports

Recently, prices of nickel ore and NPI are on the rise thanks to demand improvement.

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