Metal prices slip on weaker fundamentals

摘要

Chinese spot nickel prices have slipped as a result of weaker fundamentals in the futures market, including a rise in the US dollar index. Sulphate prices held steady, in line with fairly balanced demand-supply dynamics. Feedstock prices were also unchanged this week with demand flat ahead of China's national day holiday from 1-8 October. Argus assessed the range for 99.9pc grade nickel at 111,500-114,000 yuan/t ($16,340-16,700/t) ex-warehouse today, down from Yn113,500-115,500/t ex-warehouse on 22 September. The weaker fundamentals in the futures market pressured metal prices, leaving consumers reluctant to make purchases. Most participants have opted to monitor the market following a fall in prices from Yn122,000-123,500/t ex-warehouse on 3 September, their highest level since November 2019.