SMM Daily Review - 2012/8/9 Nickel Market

SHANGHAI, Aug. 10 (SMM) -- In China’s nickel spot market, Jinchuan Group cut ex-works nickel prices by RMB 2,000/mt to RMB 112,000/mt on Thursday.  During the morning trading session, mainstream traded prices of nickel from Jinchuan Group were in the RMB 114,300-114,500/mt range, and mainstream traded prices of nickel from Russia were in the RMB 112,600-11,2800/mt range. Market transactions were quiet. in the afternoon trading session, mainstream traded prices fell sharply following Jinchuan Group price cut. Mainstream traded prices of nickel from Jinchuan Group were in the RMB 113,000-113,200/mt range, and mainstream traded prices of nickel from Russia were in the RMB 112,000-112,200/mt range.  Downstream buying interest grew when prices slipped, and overall transactions also became active.