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Home / Metal News / Tepid buying interest limits nickel spot trading in Shanghai

Tepid buying interest limits nickel spot trading in Shanghai

Jul 2, 2018 15:32

Source:SMM

Weak buying interest of stainless steel producers limited transactions of nickel plate in Shanghai

SHANGHAI, Jul 2 (SMM) – Lacklustre buying interest from stainless steel mills limited transactions of nickel plate in Shanghai on Monday July 2, SMM learned.

Most transactions were heard at 116,500-117,000 yuan/mt. Norilsk nickel traded at a premium of about 100 yuan/mt over the Wuxi Stainless Steel Exchange 1807 contract with Jinchuan trading at a premium of about 300 yuan/mt.

Jinchuan raised its offer of nickel plate to 117,000 yuan/mt.

Market commentary

Nickel

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Stainless steel consumption has improved significantly month-on-month in July, but remained weaker than the same period last year. Inventories extended declines, suggesting robust sales in major markets, but remained higher compared to July 2019, according to the recent SMM survey.

Jul 31, 2020 17:57

SMM Insight

Stainless steel consumption in China to improve during Q2-Q4 2020

SMM Morning Comments (Jul 29): Shanghai base metals held onto overnight gains ahead of Fed rate decision

Those metals cruised higher across the board in overnight trading. Zinc surged 1.7%, aluminium climbed 1.4%, lead advanced 0.7%, copper gained 0.3% and tin edged up 0.2%, while nickel failed to fully recover from opening losses and was down 0.3%.

Jul 29, 2020 10:03

SMM Comments

SMM Morning Comments (Jul 29): Shanghai base metals held onto overnight gains ahead of Fed rate decision

SMM Morning Comments (Jul 27): Base metals rose as China’s industrial profits growth quickened

LME nonferrous metals rose across the board on Monday morning, recovering from pullbacks on Friday caused by a flare-up in US-China tensions, as data showed an acceleration in China’s industrial profits growth in June.

Jul 27, 2020 10:05

SMM Comments

SMM Morning Comments (Jul 27): Base metals rose as China’s industrial profits growth quickened

SMM Morning Comments (Jul 24): Shanghai base metals mostly lower following overnight strong rebound

SHFE nonferrous metals, except for nickel and tin, fell in early trade on Friday morning, as investors reacted to worsening US-China tensions and a sell-off in US markets overnight.

Jul 24, 2020 10:07

SMM Comments

SMM Morning Comments (Jul 24): Shanghai base metals mostly lower following overnight strong rebound

SMM Evening Comments (Jul 16): Shanghai base metals fell across the board for two days, investors mulled China data

SHFE nonferrous metals fell across the board for the second consecutive day on Thursday July 16, as concerns over rising coronavirus cases and US-China tensions tempered optimism over a coronavirus vaccine.

Jul 16, 2020 19:00

SMM Comments

SMM Evening Comments (Jul 16): Shanghai base metals fell across the board for two days, investors mulled China data

SMM Morning Comments (Jul 16): Shanghai base metals extended decline, copper led the losses and dipped more than 2%

SHFE nonferrous metals opened lower across the board on Thursday July 16, extending losses from last night, as investors risk aversion grew amid uncertainty over the coronavirus pandemic and US-China tensions.

Jul 16, 2020 10:00

SMM Comments

SMM Morning Comments (Jul 16): Shanghai base metals extended decline, copper led the losses and dipped more than 2%

Exclusive: China's base metals output in June

China’s copper cathode output fell less than expected in June as a smelter delayed maintenance and as some smelters ramped up production after blister copper supply tightness eased.

Jul 10, 2020 18:42

Analysis

Exclusive: China's base metals output in June

SMM Morning Comments (Jul 7): Shanghai base metals mostly retreated following solid gains overnight

Shanghai nonferrous metals, except for copper and lead, traded slightly lower on Tuesday morning, as caution returned to markets following strong performance overnight amid a broad-based bullish sentiment.

Jul 7, 2020 09:50

SMM Comments

SMM Morning Comments (Jul 7): Shanghai base metals mostly retreated following solid gains overnight

SMM Morning Comments (Jul 3): Shanghai base metals mixed following better-than-expected US jobs data

In overnight trading, nonferrous metals on the SHFE traded mostly higher. Nickel jumped 1.1% to lead the way higher, tin climbed 0.8%, copper gained 0.3% and zinc advanced 0.2%, while aluminium stayed flat. Lead shed 0.6%.

Jul 3, 2020 10:06

SMM Comments

SMM Morning Comments (Jul 3): Shanghai base metals mixed following better-than-expected US jobs data

SMM Evening Comments (Jul 1): SHFE base metals closed mostly higher on upbeat economic data

Copper and aluminium extended their overnight gains to both end more than 1.6% higher, lead erased some of earlier gains to close 0.5% higher, while tin reversed an earlier slip to settle 0.3% firmer. Zinc and nickel, meanwhile, both shed more than 0.7%, failing to claw back overnight losses.

Jul 1, 2020 17:39

SMM Comments

SMM Evening Comments (Jul 1): SHFE base metals closed mostly higher on upbeat economic data

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Tepid buying interest limits nickel spot trading in Shanghai

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