SMM Nickel Market Daily Review (2015-10-30)

SHANGHAI, Nov. 2 (SMM) – SMM #1 nickel prices were between RMB 76,200-77,100/mt October 30. Premiums of Jinchuan nickel prices were RMB 100/mt against the most actively traded contracts on the Wuxi electronic trading in the morning, with traded prices between RMB 76,700-76,800/mt. Discounts of Russian nickel were RMB 300/mt, with traded prices between RMB 76,400-76,500/mt. Cargo holders held back goods as prices fell, and downstream buyers remained bearish, with overall trading lackluster. Premiums of Jinchuan nickel prices rose to RMB 200/mt against the most actively traded contracts on the Wuxi electronic trading in the afternoon. Hedging traders were active on bullishness toward Jinchuan nickel, but downstream buyers refrained from buying, with traded prices between RMB 76,200-76,700/mt. Jinchuan Group lowered prices by RMB 1,100/mt to RMB 76,800/mt.