Nickel prices jumped June 15 as US-Iran peace talks reached breakthrough,signaling possible end to hostilities . Agreement,helped by key mediator Pakistan,will be signed in Switzerland Friday . Conflict now nearing four months with both nations extending ceasefire another 60 days.
In commodities market,SMM #1 refined nickel saw a jump,up 500 yuan per metric ton from previous day. Meanwhile,Jinchuan #1 refined nickel's spot premiums averaged 1,650 yuan,down 100 yuan. Domestic electrodeposited nickel prices ranged between -500 to 400 yuan per ton.
Most traded nickel contract on Shanghai Futures Exchange,SHFE nickel 2607,rose through morning session,closing at 136,120 yuan per ton — up 1.27%. Positive macroeconomic mood spurred non-ferrous metal prices,though nickel's rise was capped by inventory levels. Analysts expect prices to hover between 133,000 and 140,000 yuan per ton...
On monetary side,People's Bank of China announced 600 billion yuan outright reverse repo operation same day,with six-month tenor. Move acts as full rollover,matching maturity of 600 billion yuan of same tenor this month . Operation used fixed quantity,rate tender,multiple-price auction method,shaking up market dynamics.
