Shanghai Spot Nickel Prices Advance but Transactions Remain Muted (2012/10/11)

SHANGHAI, Oct. 12 (SMM) -- During the morning trading hours in the Shanghai nickel spot market, mainstream traded prices of Jinchuan nickel were between RMB 128,700-129,000/mt and mainstream traded prices of Russia nickel were between RMB 127,300-127,500/mt. During the afternoon trading hours, spot nickel prices advanced on LME nickel price increase, with Jinchuan nickel around RMB 129,000/mt and Russia nickel around RMB 127,500/mt. Trading sentiment was relatively limited due to limited arbitrage opportunity between spot market and futures market.