SMM Daily Review - 2012/1/4 Nickel Market

SHANGHAI, Jan. 5 (SMM) -- On Wednesday, Jinchuan Group raised refined nickel prices to RMB 131,000/mt, up RMB 2,000/mt. This was the second time that Jinchuan Group raised its ex-works prices for refined nickel since last Saturday. In the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were between RMB 130,500-131,000/mt and mainstream traded prices of nickel from Russia were between RMB 128,700-129,000/mt before Jinchuan Group’s price adjustment. After Jinchuan Group raised refined nickel prices, mainstream traded prices of nickel from Jinchuan Group were between RMB 131,000-131,500/mt and mainstream traded prices of nickel from Russia were between RMB 129,300-129,500/mt. As Jinchuan Group raised nickel prices consecutively, downstream buying interest was very low, with most deals concluded by traders, keeping overall trading activity quiet.