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SHANGHAI, Dec. 24 (SMM) – In Shanghai, Jinchuan raised ex-works prices by RMB 1,000/mt, to RMB 97,500/mt. SMM #1 nickel prices were between RMB 96,400-97,400/mt, with transactions improving. Traders purchased Russian nickel between RMB 96,200-96,300/mt, with the low-end of the price range for Jinchuan nickel at RMB 97,300/mt.

SMM surveyed 36 market players and found that 42% believe LME nickel prices will maintain upward momentum, moving between USD 14,450-14,750/mt. They believe nickel prices will still have room to rise as Indonesia’s ban on ore exports will take effect.

41% believe LME nickel prices will fluctuate between USD 14,250-14,450/mt. The market will lack solid news this week, when combined with the nearing Christmas holiday and yearend cash flow tightness, a large number of investors will leave the market after profit-taking. But Indonesia’s ban on unprocessed ore exports will lend support to nickel prices.

17% believe LME nickel prices will fall to USD 14,100-14,250/mt. investors are now cautious as LME nickel prices are at relatively high levels, and will exit the market now that prices have little room to rise.

Source: http://www.metal.com/newscontent/56004_smm-nickel-market-daily-review-2013-12-23