Nickel-SHMET Spot Market Briefing20130716
7/16/2013 2:56:27 PM
The quotations for spot nickel are in the range of 95200-96300 rmbs/ton. 1200 rmbs/ton down from the previous trading day. Jinchuan offered between 96300-96400 rmbs/ton, Er quoted at 95200-95400 rmbs/ton. The price from Inco is 106000 rmbs/ton. London nickel fluctuated and closed lower. Mainly impacted by U.S. dollar strength. In addition, China economic growth slowed also brought concerns to the market. London nickel will remain range bound in short term. Wuxi nickel showed a downward trend after opened this morning. The bearish sentiment are getting stronger. The quotation for domestic spot nickel were lowered accordingly. Learned from the traders, there were not strong purchase intention from the downstream manufacturer, and the trading volume are not good. Most downstream manufacturers held a bearish view. The fundamental outlook of the market are difficult to be improved.
Edited by SHMET