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SMM Daily Review - 2010/1/15 Nickel Market
SHANGHAI. Jan. 18 -- Last Thursday, LME nickel prices touched the lowest level at USD 18,200/mt and received support at there, and closed at USD 18,349/mt, with prices climbing by USD 49/mt. Last Friday, LME nickel prices fluctuated narrowly between the 5-day moving average and 10-day moving average after surging high. Technical indicators suggested weak price performance.
In the Shanghai nickel market, offers of nickel of last Friday remained flat with the level on Thursday. Traded prices of imported nickel were at RMB 140,500/mt and traded prices of nickel from Jinchuan Group were in the RMB 141,500-142,000/mt range. Transactions of low-priced goods dominated the market. Tight supply of goods in spot market was effectively eased due to arrivals of imported nickels after domestic/LME nickel price ratio improved and arrivals of a large amount nickel from Jinchuan Group. Since nickel price performance in electronic trading was weak, overall trading sentiment was quiet and purchasing interest from end-users and downstream consumers was low.
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