SMM Daily Review - 2011/12/28 Nickel Market

SHANGHAI, Dec. 29 (SMM) -- On Wednesday, LME nickel prices fluctuated narrowly after opening at USD 18,590/mt during the Asian trading hours.

In China’s spot nickel market, mainstream traded prices of nickel from Jinchuan Group were between RMB 130,200-130,300/mt, and mainstream traded prices of nickel from Russia were between RMB 127,800-128,000/mt. During the afternoon trading hours, traded prices of nickel from Russia slip slightly to RMB 127,500-127,000/mt, but traded prices of nickel from Jinchuan Group were unchanged. As many traders lower prices of nickel from Russia, and since some downstream consumers entered market to replenish stocks ahead of holiday, transactions in spot nickel market improved to certain extent.