SMM Nickel Market Daily Review (2013-1-31)

SHANGHAI, Feb.1 (SMM) – Jinchuan Group raised ex-works nickel prices by RMB 2,500/mt, to RMB 128,000/mt on Thursday. During the morning trading session in the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were in the RMB 128,000-128,400/mt range, and mainstream traded prices of nickel from Russia were in the RMB 127,000-127,400/mt range. Market transactions were quiet. After Jinchuan Group raised ex-works nickel prices, some traders tried to keep offers firm, but demand was still soft, further reducing transactions of nickel.