SMM Nickel Market Daily Review (2015-7-1)

SHANGHAI, Jul. 2 (SMM) – SMM #1 nickel prices were between RMB 87,000-88,600/mt. Premiums of Jinchuan nickel against the most actively traded contracts on the Wuxi electronic trading rose to RMB 500/mt in the morning. Discounts of Russian nickel against Jinchuan nickel were RMB 500/mt. Traders sold actively, with traded prices were between RMB 87,700-88,900/mt. LME nickel prices fluctuated in a narrow range in the afternoon, and premiums of Jinchuan nickel against the most actively traded contracts on the Wuxi electronic trading remained around RMB 500/mt in the afternoon, while discounts of Russian nickel at RMB 500/mt. Trading was brisk as downstream purchases were brisk. Jinchuan Group lowered price by RMB 5,200/mt to RMB 88,300/mt.