Shanghai Metal Market: Shanghai Nickel Opens High and Then Falls, Market Conditions Remain Calm

Today, Shanghai nickel fell, trading remained stable with the market; some brands’ discounts slightly narrowed. Trading activity is still relatively low, with some inquiries, but actual trading volume is lackluster. Merchants’ pressure to ship remains ongoing. It is also reported that Indonesian smelting companies are not doing well profit-wise; aside from a certain level of support from high costs, INSG forecasts a nickel market supply shortage this year. After a brief period of passive price increases, prices adjust again. Demand does not appear to have brought much of a boost. London inventories remain at a high level; although they have declined somewhat in recent days, overall pressure has not eased much. Today, Jinchuan manufacturers, in line with market developments, slightly lowered their ex-works price by 300 yuan/ton compared with the previous day. (SHMET)

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