SMM Nickel Market Daily Review (2012-10-16)

SHANGHAI, Oct.17 (SMM) -- In China’s nickel spot market, Jinchuan Group cut ex-works nickel prices by RMB 4,000/mt to RMB 126,000/mt on Tuesday.  During the morning trading hours, mainstream traded prices of nickel from Jinchuan Group were between RMB 126,100-126,300/mt, and mainstream traded prices of nickel from Russia were between RMB 124,200-124,400/mt. Affected by Jinchuan Group price cut, wait-and-see sentiment was strong in the market. However, during the afternoon trading hours, transactions improved on LME nickel price increase and arbitrage opportunity.