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SHMET Spot Market Briefing 20100608-Nickel

Shanghai Spot Metal Quote (SHMET) More
Jun 04 2010
Metals Price(RMB/T) Change(NYSEARCA:RMB) b/c(RMB)
 Copper 49800-50150 -50 b 50/b 250
Aluminum 13790-13830 -50 c 20/b 20
Lead 13700-13900 -300  
1#Zinc 13300-13400 -250 c 215/c 115
0#Zinc 13350-13450 -250 c 165/c 65
Tin 138500-141500 -1000  
Nickel 149000-150000 -1000  

 

Nickel
China’s spot nickel is quoted between RMB 149000 and 150000 per tonne, falling RMB 1000. Investors began to sell off commodities and other high risky assets amid fears over the euro zone economy and slowing demand growth. Euro against USD hit a fresh low below $1.19 during past four years, triggering pressures on the metal market. Since LME Nickel showed better than other metals, the market sentiment becomes warm. Jinchuan nickel was completed at RMB 149500 per tonne in the AM session.

“ Traders’ offers were unified in the AM session. Jinchuan nickel was quoted at RMB 150000 per tonne. The market seemed not to continue yesterday's panic, adopting a stable attitude. Now market participant were more concern about the news that China and other countries will release.” A trader said to SHMET.

“ Jinchuan nickel was quoted at RMB 150000 per tonne with fragile volumes, while some traders bided at RMB 149500 per tonne later. Traders were eager to selling cargoes after nickel price tumbling. However the buying enthusiasm was weaker. Those who kept few stocks also daren’t to replenish cargoes. ” Another trader said to SHMET.


More analysis please visit at http://en.shmet.com

SHMET History Data for Nickel (from2001 to 2010) please visit at http://en.shmet.com/Data/Data.aspx?metal=8&year=2010

The Most authoritative non-ferrous metals index in China—SHMETX please check: http://en.shmet.com/PriceIndex/Shmetx.aspx

Shanghai Metal Price Index, “SHMETX” for short, reflects non-ferrous metals’ spot prices of Shanghai comprehensively, compiled and published by Shanghai Metals Exchange (“SHMET”). Its characteristics are objective, high-efficiency, professional, authoritative, etc. The average prices of sampling varieties can be the standard of quoting prices and reference inside and outside the industry.

 



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