Nickel price in China followed suit and the prevailing price of nickel of Jinchuan brand moved up. Jinchuan Group lifted their nickel cathode price from RMB186,000/t (USD28,139/t) to RMB189,000/t USD 28,593/t) this Wednesday. However, the trading in Chinese spot market was inactive, and most customers did not accept the higher price. Furthermore, Jinchuan Group increased nickel cathodes price again from
RMB189,000/t (USD28,636/t) to RMB195,000/t (USD29,545/t) on Thursday. In late this week, the trading turned a little bit active in the market, and some customers returned to the market rebuilding the stocks. Considering the favorable economic news, nickel price may increase further in the near term.
Nickel futures on LME moved up greatly this week. In early this week, supported by the optimistic outlook for the demand of nickel cathodes in America and Chinese, nickel futures on LME increased by USD725/t to USD24,600/t on Tuesday. Nickel price in China followed suit. However, the trading in Chinese spot market was inactive, and most customers did not accept the higher price. In later this week, nickel cathodes output may reduce owing to the rainstorm in New Caledonia and flood in Australia. Furthermore, better-than-expected economic data and rebounding EURO also push up nickel price. In this case, nickel futures on LME moved up by USD1,200/t to USD25,800/t on Wednesday. Nickel price in China increased greatly, and the sentiment in nickel market active. Participants believe the price may increase further in the near term.
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