MetalBulletin reported that Jinchuan Group, China's largest nickel producer, has cut its benchmark nickel price to 102,000 yuan ($16,563) per metric ton following a decline in London Metal Exchange prices.
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China's State Reserves Bureau has purchased nickel for the first time since 2009. While that is not likely to impact prices for the metal in the long term, a short-term rise is expected.
Shanghai Metals Market reported that after opening at US$14,876, London Metal Exchange nickel prices closed at $14,810 on the back of the Organisation for Economic Co-operation and Development's lowered economic growth expectations for China and the Eurozone.
Bloomberg reported that nickel supplies will be higher than demand by about 52% and will have a surplus of 82,000 metric tons this year due to weak consumption globally, according to Macquarie Group Ltd.
Bloomberg reported that nickel is bottoming as prices go below the cost of producing alternatives such as the nickel pig iron or NPI.
Reuters reported that nickel has hit a 7-month low on the LME ending at $15,695 as a weak economic data from China, the world’s biggest metal consumer, strengthened concerns on demand growth.
Reuters reported that nickel reached its lowest in four months at $16,105 as concerns on economic growth casts doubt on the demand outlook.
Bloomberg reported that nickel dropped 0.5% to $16,885 on the London Metal Exchange on concerns that property curbs in China could negatively impact demand.
Royal Nickel Corp. (TSX:RNX) announced that it has signed a memorandum of understanding (MOU) with Tsingshan Holding Group Company Ltd., a top innovator in developing vertically integrated nickel pig iron. Among other things, the MOU outlines the companies' objectives regarding downstream concentrate processing.
Bloomberg reported that nickel prices declined as much as 3.1% in London on signs of a weaker economic growth in China.