SHFE Nickel to Remain Rangebound Today

SHANGHAI, May 9 (SMM) - SHFE nickel prices moved rangebound yesterday. The downstream companies were less willing to restock spots after the Labour Day holiday. NPI holders who gain certain profits were not in a hurry to ship their goods on the low market supply. On the demand side, the spot prices of stainless steel in the Wuxi and Foshan markets rose somewhat yesterday, resulting in average spot trades.   HRC quotes grew further in the afternoon. In addition, affected by the price decrease in ferromolybdenum and the lower purchase prices offered by stainless steel mills within the day, the spot prices of #316L dropped sharply. In general, the low spot supply at home and abroad continues to support nickel prices. SHFE nickel will move rangebound.