SMM Daily Review - 2011/1/5 Nickel Market

SHANGHAI, Jan. 5 (SMM) -- LME nickel prices slipped slightly after opening at USD 18,800/mt during the Asian trading hours on Thursday.

In China’s spot nickel market, mainstream traded prices of nickel from Jinchuan Group were at RMB 131,500/mt, and mainstream traded prices of nickel from Russia were between RMB 129,400-129,500/mt. LME nickel prices slipped to certain extent during the Asian trading hours on Wednesday but spot nickel prices were firm on Thursday. In this context, most traders believed that spot nickel prices would slip, and had low interest in replenishing stocks. Downstream pre-holiday stock replenishment improved transactions in the market, but overall trading sentiment was still considered quiet.