SMM April 10 Shanghai Nickel spot Newsletter

SMM, 10 April:

Today, Electrolytic Nickel SMM1 offers 97100-99000 yuan per ton. As the Federal Reserve announced a new round of large-scale stimulus package, European and American stock indexes rose sharply last night, while easing policies made precious metals more popular. LME closed today, and Lunni closed at $11700 / tonne. Many advantages stimulated Shanghai Nickel to quickly pull up after the opening of trading today, re-standing above the 97000 yuan / tonne line. The sharp rise in nickel prices has dampened downstream demand to some extent, with transactions slightly light in the morning market. Russian nickel to Shanghai nickel 2005 contract reported 50 to up 50 yuan / ton, due to different insurance costs, the willingness of market operators to lower the rising water is lower, the morning market transaction situation is relatively weak; Jinchuan nickel to Shanghai nickel 2005 contract rose 1400-1500 yuan / ton, it is reported that 1400 yuan / ton has a small number of transactions. Recently, the demand for Jinchuan nickel is relatively weak, but because the cost of traders receiving goods from manufacturers is still high, the increase of 1400 yuan / ton is already the biggest profit for the holders. It is expected that the Jinchuan nickel rise in the short-term market will not be further reduced.

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