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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.

Spot market

Futures market

Market forecast

Market review

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Aug 17, 2023 09:45

Analysis

Significant market concerns weighed on copper prices

LME copper closed at $8,295/mt last Friday evening, a drop of 0.64%. Trading volume was 18,000 lots and open interest stood at 270,000 lots. The most active SHFE 2309 copper contract prices finished at 68,080 yuan/mt last Friday evening, down 0.56%. Trading volume was 38,000 lots, and open interest stood at 164,000 lots.

Aug 14, 2023 09:56

Industry

[SMM Lead Morning Comments] LME and SHFE zinc Prices Weakened amid Stock Accumulation at Home and Abroad

LME lead prices closed at $2125/mt last Friday evening, down 0.7%.

Aug 7, 2023 09:50

Industry

[SMM Zinc Morning Review] Positive Policy Guidelines Helped Most Nonferrous Metals Prices Rise, Zinc Prices Closed Higher

Overnight, LME zinc closed up $73/mt or 3.02% at $2,493/mt. The trading volume was 12,717 lots, and open interest added 4,042 lots to 199,000 lots. China has promised to strengthen its policy support for the economy. Meanwhile, the confidence of US consumers has improved. And the IMF expects the global economy to grow. The market was optimistic, and most of nonferrous metals rose.

Jul 26, 2023 10:00

Industry

LME Zinc upward movement is hindered or will continue to consolidate [SMM Zinc Early Review， July 21]

Overnight, the White House expressed regret that former U.S. Secretary of State Kissinger received more interviews than current officials during his visit to China; the number of Americans filing for unemployment benefits unexpectedly fell last week, raising expectations that the Federal Reserve may continue to raise interest rates; Exclusive: North Korea hacked U.S. IT companies to steal cryptocurrency.

Jul 21, 2023 13:20

Industry

LME Zinc upward movement is hindered or will continue to consolidate [SMM Zinc Early Review， July 21]

Macro Favourable Still Exists, But Nickel Prices will Run Weakly

Macro, on July 10th, the two national bureaus to extend the two financial support real estate market policy period, macro positive plate.

Jul 13, 2023 09:54

Industry

Macro Favourable Still Exists, But Nickel Prices will Run Weakly

SMM Daily Comments (Jul 6): SHFE, LME Base Metals Diverged with SHFE Nickel and Tin Skyrocketing, Ferrous Metals Rose across the Board

As of 15:32 CST, WTI oil rose 0.13%, while Brent oil fell 0.09%. The US dollar snapped its three-day winning streak and fell 0.15%.

Jul 6, 2023 16:27

Industry

SMM Daily Comments (Jul 6): SHFE, LME Base Metals Diverged with SHFE Nickel and Tin Skyrocketing, Ferrous Metals Rose across the Board

SMM Daily Comments (May 29): Base Metals Close Mostly Higher, Ferrous Metals Rose across the Board, Tin and Iron Ore Soar, Markets Eyes on OECD Economic Outlook Report

Crude oil rose slightly today. As of 15:19 CST, WTI oil and Brent oil rose 0.85% and 0.73% respectively. The U.S. dollar snapped its five-day winning streak and dipped 0.1% as of 15:19 today.

May 29, 2023 17:31

Industry SMM Comments

SMM Daily Comments (May 29): Base Metals Close Mostly Higher, Ferrous Metals Rose across the Board, Tin and Iron Ore Soar, Markets Eyes on OECD Economic Outlook Report

SMM Daily Comments (May 25): Base Metals Close Mixed, SHFE Tin and Nickel Soar,“Black Thursday” for Ferrous Metals, EIA Report Contrary to Market Forecast with Shocking Inventory Decline

Crude oil fell slightly today. As of 15:02 CST, WTI oil and Brent oil fell 0.34% and 0.15% respectively. EIA's latest report sounded the alarm for bears. Crude oil inventories fell sharply by more than 10 million barrels, the biggest drop since November 2022. The market had expected an increase of 800,000 barrels. The significant decline in inventories still surprised and shocked the market.

May 25, 2023 17:32

Industry

SMM Daily Comments (May 25): Base Metals Close Mixed, SHFE Tin and Nickel Soar,“Black Thursday” for Ferrous Metals, EIA Report Contrary to Market Forecast with Shocking Inventory Decline

SMM Evening Comments (May 19): Shanghai Nonferrous Metals Closed Mixed amid a Hawkish US Fed

Shanghai nonferrous metals closed mixed in day trading.

May 19, 2023 18:00

SMM Comments

SMM Evening Comments (May 19): Shanghai Nonferrous Metals Closed Mixed amid a Hawkish US Fed

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SMM Forecast on SHFE Nickel Prices Today

SMM Events & Webinars

NET ZERO EUROPE - Solar & Energy Storage Summit

2nd Li-ion Battery Europe 2024

2024 Global Renewable Metal Industry Chain Summit