Comments

Nickel-SHMET Spot Market Briefing20150831

Date 8/31/2015 2:32:23 PM Source: shmet
Aug.31,2015(SHMET)--

LME nickel is back under $10,000, slipping $205 to $9,855. The cash/threes has seen a backwardation bid at $35. Stocks were up 474 tonnes at 255,166 tonnes and cancelled warrants increased 450 tonnes to 163,950 tonnes. Again we witnessed some good bookings by stainless mills reflected by buying on the LME. Warrants were in good demand too with Asian premium around 40-60 dollars but Europe still around 20-40 dollars. SHFE is trading at 140 dollars premium for January. Shanghai spot nickel was quoted at 76100-76600 rmbs per ton, down 1000 from the previous trading day. Jinchuan nickel traded at 76500 rmbs per ton, Russian nickel traded at 76200 rmbs per ton. The falls today in nickel intensified the cautious sentiment hence traders quotations looked mixed. With the supply growing downstream demand continued to be sluggish in stead. Therefore, the overall trading was modest though inquiry was still a lot.

 

 

 

Edited by SHMET