SHANGHAI, Jul. 25 (SMM) – Nickel futures prices, both on the LME and SHFE, surged after Philippine President’s tax warning for miners. How does spot market response after the jump in futures market?
SMM Price Outlook for Base Metals on SHFE (Jul. 24, 2017)
On Monday’s night trading, nickel outshined others, and as of mid-day trading in Asian hours on Tuesday, SHFE 1709 nickel reached as high as 80,880 yuan per tonne.
In China’s domestic spot market, some buyers chose to stay out of the market after price surge, but others kept normal purchases, with traded prices mainly between 79,500-82,200 yuan per tonne on Tuesday’s morning trading.
On Tuesday, Jinchuan Group lifted ex-works price by 2,000 yuan to 82,200 yuan per tonne, higher than market price.
LME Nickel to Drop, SMM Predicts
Recently, summer hit has negatively affected production at some alloy plating plants, and some of them have suspended production, reducing demand for Jinchuan nickel.
On Tuesday, Jinchuan nickel was offered at premiums of about 2,000 yuan per tonne against Wuxi’s 1708 nickel contract, and Russian nickel was offered at premiums of o-100 yuan per tonne against the same contract.
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