Nickel Prices to Rangebound amid Fundamental Impact

SHANGHAI, Apr 18 (SMM) - Recently, SHFE nickel prices have continued to grow. The spot premiums of NORNICKEL nickel were firm, and the price difference between the Jinchuan nickel and NORNICKEL nickel was narrow. The intraday spot nickel transactions were poor yesterday. Inventory of low-priced NPI dropped. The traders held some spots in their hands, but their quotes were high. On the demand side, according to SMM research, in the past few days, the market witnessed a price ceiling and trading suspension carried out by large stainless steel mills, which boosted the spot stainless steel prices and further drove up the futures prices. Spots were mainly carried by the stainless steel mills and first-level agents, and the market inventory and stocks held by terminal companies stood relatively low. In general, the low market supply beefed up nickel prices, but the fundamentals still weighed on the prices. SMM believes that nickel prices will fluctuate.