SMM Daily Review - 2012/3/29 Nickel Market

Shanghai, Mar. 30 (SMM) - During the morning trading hours in the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were in the RMB 130,500-131,000/mt range, and mainstream traded prices of nickel from Russia were in the RMB 129,500-129,700/mt range. During the afternoon trading hours, spot nickel prices fell sharply due to sluggish downstream demand. Mainstream traded prices of nickel from Russia fell to RMB 129,000-129,500/mt and mainstream traded prices of nickel from Jinchuan Group fell to RMB 130,500-130,800/mt. Although market prices were lower than ex-works nickel prices from Jinchuan Group, traders still believed that nickel prices would fall further, and were still eager to move goods in order to generate cash.