SMM Daily Review - 2012/3/8 Nickel Market

SHANGHAI, Mar. 9(SMM) -- During Thursday’s Asian trading hours, LME nickel prices advanced to USD 19,275/mt after a slight high open at USD 190,210/mt on positive development of Greek debt issue. However, LME nickel prices shall continue to fluctuate as it takes time to tell whether nor not the debt swap will go smoothly.

During the morning trading hours in Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were in the RMB 135,000-135,300/mt range, and mainstream traded prices of nickel from Russia were in the RMB 135,000-135,200/mt range, with moderate transactions reported. During the afternoon trading hours, offers of spot nickel advanced. It was reported that Jinchuan nickel was offered at RMB 135,800/mt and Russian nickel was offered at RMB 135,300/t, with muted transactions reported.