Nickel Prices to Bear Pressure from Weak Fundamentals and Banking Crisis_SMM

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Home / Metal News / Nickel / Nickel Prices to Bear Pressure from Weak Fundamentals and Banking Crisis

Nickel Prices to Bear Pressure from Weak Fundamentals and Banking Crisis

Mar 17, 2023 09:33

CST

Source:SMM

On the supply side, SHFE nickel prices reached a new low yesterday.

SHANGHAI, Mar 17 (SMM) - On the supply side, SHFE nickel prices reached a new low yesterday. The spot premiums bottomed out, and the spot quotations remained low. NPI quotations were temporarily stable. Some NPI traders held a wait-and-see sentiment. On the demand side, according to SMM research, the spot stainless steel traders quoted low prices to ship, which still failed to boost the transactions. The agents were less willing to pick up goods and mainly consumed the high-priced inventories stored earlier. Alloy companies mainly purchased on demand amid the poor orders. To sum up, the pure nickel sector faces weak supply and demand, and the risky assets were sold off amid the banking crisis in Europe and US, weighing on nickel prices.

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Futures

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In the spot market, Jinchuan nickel was quoted at premiums of 6,500-7,000 yuan/mt as of September 14, averaging at 6,750 yuan/mt, which was down 1,150 yuan/mt from the previous trading day.

Sep 14, 2022 11:26 timezone

CST

SMM Comments

Spot Prices of Pure Nickel Fell Slightly, with No Significant Improvement in Transactions

Data: SHFE, DCE market movement (Sep 13)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Sep 13, 2022

Sep 13, 2022 15:21 timezone

CST

Data Analysis

Data: SHFE, DCE market movement (Sep 13)

Copper Prices Remained High Supported by the Tight Spot Supply in China and Overseas

On the macro front, since the US Fed Chairman Powell delivered a hawkish speech at the central bank meeting, other Fed officials conveyed their anti-inflation stance and determination.

Sep 13, 2022 13:02 timezone

CST

SMM Insight

Copper Prices Remained High Supported by the Tight Spot Supply in China and Overseas

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As of September 9, the SMM Imported Copper Concentrate Index (weekly) stood at $81.96/mt, $2.71/mt higher than last week.

Sep 9, 2022 15:16 timezone

CST

SMM Comments

TCs of Spot Copper Concentrate Rose to Above $80/mt Affected by the Qinhuangdao Port Incident

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Sep 8, 2022 14:10 timezone

CST

SMM Comments

Zinc in Tianjin: Transactions Were Modest as Downstream Enterprises Purchased on Dips

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Sep 6, 2022 10:36 timezone

CST

SMM Insight

Pure Nickel Premiums Rebounded amid Supply Tightness, and Stainless Steel Mills Ramp up Purchases of NPI

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Aug 29, 2022 18:00 timezone

CST

SMM Comments

SMM Evening Comments (Aug 29): Shanghai Nonferrous Metals Closed with Losses amid Extending Tight Monetary Policy Orientation

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Aug 26, 2022 10:53 timezone

CST

Industry News

Peruvian Ministry of Economy and Finance: Copper Prices to Fall to $3.40/lb in 2023

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On August 24, the average price of spot EMM in the main producing regions across China stood at 14,500-14,700 yuan/mt, up 100 yuan/mt from the previous trading day.

Aug 24, 2022 17:33 timezone

CST

SMM Comments

EMM Plants Held their Prices Firm Because of the High Bid Prices

China's Imports of Tin Concentrate in July Rose Sharply, and Myanmar Contributed the Most

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Aug 22, 2022 17:00 timezone

CST

SMM Insight

China's Imports of Tin Concentrate in July Rose Sharply, and Myanmar Contributed the Most

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