SMM Nickel Market Daily Review (2015-5-4)

SHANGHAI, May 5 (SMM) – SMM #1 nickel prices were between RMB 99,700-102,600/mt. The LME market was closed yesterday. Jinchuan Group hiked ex-works prices as SHFE nickel prices rose in the morning, with traded prices for Jinchuan nickel RMB 1,900/mt above the most actively traded contracts on the Wuxi electronic trading. Trading for Russian nickel was quiet on ample supply, with traded prices between RMB 100,000-102,700/mt. Spot nickel prices continued to rise in the afternoon, but Jinchuan Group was unwilling to sell, causing spot premiums of Jinchuan nickel against the most actively traded contracts on the Wuxi electronic trading to surge to RMB 2,400/mt. Spot discounts on Russian nickel, however, remained unchanged. Downstream buying interest improved, with traded prices between RMB 100,600-103,500/mt. Jinchuan Group raised nickel prices by RMB 2,200/mt to RMB 103,500/mt.