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SHMET Spot Market Briefing 20100604-Nickel

Shanghai Spot Metal Quote (SHMET) More
Jun 04 2010
Metals Price(RMB/T) Change(NYSEARCA:RMB) b/c(RMB)
Copper 53200-53550 -550 b 200/b 350
Aluminum 14530-14570 -80 c 30/b 10
Lead 14350-14550 -100  
1#Zinc 14250-14350 -550 c 245/c 145
0#Zinc 14300-14400 -550 c 195/c 95
Tin 140500-143000 -250  
Nickel 155000-157000 -6000  


China’s spot nickel is quoted between RMB 155000 and 157000 per tonne, dropping RMB 6000. Jinchuan Group adopts a silent attitude on slumping LME. Market participants reckoned that the extent would be larger if Jinchuan Group adjusted its prices again. However Jinchuan nickel seems to be lower in term of RMB 155000 per tonne offered by traders. The transaction showed active in the AM session and buying enthusiasm was stronger.

“ Market was in a mixed tone on the sharp dropping LME overnight. We had thought that it would be consolidate in the short term, whereas we didn’t expect that there even hadn’t any opportunity for market to take a breath. Due to Jinchuan Group not releasing any adjustment information on its web site, the trading is very active at the level of 155000 yuan.” A trader said to SHMET.

“ Jinchuan products were mainly quoted around RMB 155000 per tonne, with moderate volumes in the AM session. Since Jinchuan Group hadn’t lowered its prices, the purchasing sentiment showed active, completing around RMB 155000 per tonne. ” Another trader said to SHMET.

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