SHANGHAI, Jul. 22 (SMM) – Last week, LME nickel showed upward movements and hit the year’s high of $10,900 per tonne, and SHFE 1609 nickel also lurched higher, with the high-end at 81,220 yuan per tonne, also the year’s peak.
“Prices of nickel ore and NPI are now on the upward track, and latest data also show a fall in nickel ore inventories at China’s major ports, all boding well for nickel prices,” SMM nickel analyst says.
Moreover, the ongoing environmental protection inspections in the Philippines also support the market, despite limited impact so far, SMM adds.
Last week, Jinchuan Group adjusted ex-works prices five times, and finally closed the week at 82,500 yuan per tonne.
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