SMM Daily Review - 2011/12/29 Nickel Market

SHANGHAI, Dec. 30 (SMM) -- LME nickel prices fell to certain extent and fluctuated narrowly after a high open during the Asian trading hours Thursday.

In China’s nickel spot market, Jinchuan Group cut ex-works nickel prices by RMB 3,000/mt to RMB 127,000/mt on Thursday.  In response, mainstream traded prices of nickel from Jinchuan Group were between RMB 128,000-128,200/mt, and mainstream traded prices of nickel from Russia were in the RMB 126,000-126,200/mt.Nickel price decline stimulated traders’ purchasing interest, with few traders entering market to replenish stocks. Some downstream consumers also replenished stock ahead of holiday, but pre-holiday stock replenishment from downstream consumers were still considered limited.