SHFE nickel price falls further as oversupply looms

Undermined by weakening fundamentals for the metal, the pessimistic sentiment prevalent in China's nickel market intensified during the week of October 30-November 3, according to market sources, typified by the further fall in nickel derivatives on the Shanghai Futures Exchange (SHFE) during the week.

On Friday, the SHFE's most-traded nickel contract for December delivery had plunged by Yuan 2,190/tonne ($299.3/t) from the previous Friday's settlement price to close the daytime session at Yuan 142,830/t, exchange statistics show. Market watchers said the major reason for the slide was oversupply of the metal. Active production among Chinese