SMM Daily Review - 2012/6/5 Nickel Market

SHANGHAI, Jun. 6 (SMM) -- On Tuesday, mainstream prices of Jinchuan nickel were between RMB 122,000-122,300/mt, while mainstream Russian nickel prices were between RMB 119,300-119,500/mt. In the afternoon, Jinchuan nickel rose slightly, but mainstream prices remained between RMB 122,000-122,300/mt. Russian nickel prices fell to RMB 119,000-119,300/mt. Russian nickel prices were low recently, with price spread between Russian nickel and Jinchuan nickel expanding to RMB 3,000/mt. Insiders reported the reason causing goods supply to increase is investors entering Russian nickel market in April when import profit margins were high, so as to ease cash flow problems. Those goods flew to the market recently, resulting in weak Russian nickel prices with supply surplus.