SMM Daily Review - 2012/4/10 Nickel Market

SHANGHAI, Apr. 11 (SMM) -- In the Shanghai nickel market, mainstream traded prices for Jinchuan nickel were between RMB 132,600-132,800/mt, and RMB 130,800-131,500/mt for Russian nickel. In the afternoon business, domestic spot nickel prices fell back following LME nickel price trends, and mainstream traded prices for Jinchuan nickel slipped to near RMB 132,500/mt, while mainstream traded prices for Russian nickel fell to RMB 130,500-130,600/mt. Market demand was boosted after traders cut quotations, but some traders became reluctant to sell goods and even stopped selling in the afternoon business as the price range significantly squeezed their profit margins. Therefore, market demand failed to improve significantly, and overall trading activity was quiet as well.