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SHMET Spot Market Briefing 20100603-Nickel

Shanghai Spot Metal Quote (SHMET) More
Jun 03 2010
Metals Price(RMB/T) Change(RMB) b/c(RMB)
Copper 53750-54100 -300 b 100/b 250
Aluminum 14610-14650 -170 c 70/c 30
Lead 14450-14650 -50  
1#Zinc 14800-14900 -350 c 315/c 215
0#Zinc 14850-14950 -350 c 265/c 165
Tin 141000-143000 -250  
Nickel 162000-163000 -2000  

6/3/2010 2:20:20 PM

China spot nickel is quoted between RMB 162000 and 163000 per tonne, dropping RMB 2000. We got more enquires in the AM session with moderate volumes. Due to deep falls on the LME in these two days, traders were more anxious to replenishing stocks yesterday afternoon. Jinchuan nickel is quoted at RMB 163000 per tonne on soft bounding LME.

“ LME Nickel began rebounding in the AM session. We sold dozens of Jinchuan products at RMB 162800 per tonne. Some traders quoted Jinchuan nickel at RMB 162000 per tonne yesterday. We estimated that there wasn’t such lower price in the market today. ” A trader said to SHMET.

“ We sold some Jinchuan nickel at RMB 164000 per tonne yesterday morning, while we replenished stocks around RMB 162000 per tonne in the noon. The increasing expectations of rising rate depressed metal price further. Investors were more worried for the moment. The overall metal market would be dampened if rising rate comes to be true. ” Another trader said to SHMET.

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