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The most-active January nickel contract traded at 87,930 yuan ($13,270) per tonne as of 03:40 BST, up 0.7% or 640 yuan from the previous day’s close.
Nickel was the standout performer on the SHFE this morning as it tracked the robust performance of the LME’s three-month nickel price, which rallied nearly 4% on Monday. The price closed above $11,000 per tonne as it continued to correct after falling significantly at the start of the month.
“With steel markets correcting in China, destocking has flowed through the stainless steel and nickel supply chain, which has forced a correction in LME nickel prices,” Metal Bulletin analyst William Adams said.
This correction has filtered through to SHFE nickel prices, which along with the prospect of a pick-up in demand from the steel markets due to rising steel prices should continue to support nickel.
“Purchases [of nickel] from steel markets will increase after the cautious, watchful attitude seen in the market before [China’s] Golden Week holiday as steel prices have risen as a result of supply constraints in China,” an analyst at Guotian Jun’an said.
Copper is the only other metal on the SHFE in positive territory this morning, with the most-active November copper contract inching 80 yuan higher to 52,190 yuan per tonne.
“Though copper prices in both physical and futures markets rose on the first day [of trade] after China’s week-long National Day holiday, consumers in downstream industries were largely inactive in restocking,” the analyst at Guotai Jun’an added.
“In light of the currently friendly macro-environment for base metals, we expect further upward pressure in copper prices in the coming days,” Metal Bulletin analyst Boris Mikanikrezai said. Rest of complex lower
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