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Home / Metal News / SMM Forecast on SHFE Nickel Prices Today

SMM Forecast on SHFE Nickel Prices Today

May 12, 2023 09:29

Source:SMM

Nickel prices moved with some downward potential yesterday because of the poor downstream demand and trades amid economic recession.

SHANGHAI, May 12 (SMM) - Nickel prices moved with some downward potential yesterday because of the poor downstream demand and trades amid economic recession. Under this background, nickel warrants rose, and the spot premiums slumped. The NPI market supply gradually grew with more ships from Indonesia arriving at Chinese ports, but the NPI holders who carried low inventory of spots were not in a hurry to ship their goods. On the demand side, stainless steel futures prices plunged following the dropping SHFE nickel prices, and the spot prices then fell slightly. SMM believes that the SHFE nickel will move rangebound today.

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SMM Forecast on SHFE Nickel Prices Today

SMM Events & Webinars

APAC TIN INDUSTRY CONFERENCE 2024

APAC (9th) Stainless Steel Industry Conference 2024

2024 SMM Middle East Secondary Metal Filed Trip