SHANGHAI, Jun. 4 (SMM) -- By the close of last Friday, the average spot nickel price was RMB 125,120/mt, down RMB 680/mt from the previous week, but spot prices resisted declines. Downstream buyers increased purchases early in the week as prices moved lower, but traders were unwilling to sell goods. As LME nickel prices continued to fall, however, most downstream producers became cautious and took a wait-and-see attitude. Russia raised export taxes by 16.2%, effective June 5th 2012. Traders did not response strongly to the news, believing prices will depend more on downstream demand.