Imports weigh on Norilsk nickel prices in Shanghai-Shanghai Metals Market

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Imports weigh on Norilsk nickel prices in Shanghai

Price Review & Forecast 03:41:33PM Jul 05, 2018 Source:SMM

SHANGHAI, Jul 5 (SMM) – The price spread between Norilsk and Jinchuan nickel widened in the Shanghai spot market on Thursday July 5 as a temporarily open import arbitrage window rendered some inflows of the former, SMM believes.

Norilsk nickel traded at a premium of about 100 yuan/mt over the Wuxi Stainless Steel Exchange 1807 contract while Jinchuan was trading at a premium of about 400 yuan/mt. This compared with a 200 yuan/mt spread earlier this week.

Most transactions were heard at 111,850-112,350 yuan/mt on Thursday, lower than the 113,900-114,200 yuan/mt in the previous day. Jinchuan cut its offer of nickel plate by 1,500 yuan/mt to 112,800 yuan/mt.

Despite the decline in spot nickel prices, buyers stayed on the sidelines with bearish outlook.

 

Key Words:  Market commentary 

Imports weigh on Norilsk nickel prices in Shanghai

Price Review & Forecast 03:41:33PM Jul 05, 2018 Source:SMM

SHANGHAI, Jul 5 (SMM) – The price spread between Norilsk and Jinchuan nickel widened in the Shanghai spot market on Thursday July 5 as a temporarily open import arbitrage window rendered some inflows of the former, SMM believes.

Norilsk nickel traded at a premium of about 100 yuan/mt over the Wuxi Stainless Steel Exchange 1807 contract while Jinchuan was trading at a premium of about 400 yuan/mt. This compared with a 200 yuan/mt spread earlier this week.

Most transactions were heard at 111,850-112,350 yuan/mt on Thursday, lower than the 113,900-114,200 yuan/mt in the previous day. Jinchuan cut its offer of nickel plate by 1,500 yuan/mt to 112,800 yuan/mt.

Despite the decline in spot nickel prices, buyers stayed on the sidelines with bearish outlook.

 

Key Words:  Market commentary