SHANGHAI, Feb. 5 (SMM) – Lifted by rising LME markets overnight, many base metals started higher Monday, with the most active SHFE 1305 copper contract breaking the RMB 60,000/mt mark. Prices of #1 refined copper surged by RMB 475/mt Monday, with discounts of RMB 170-250/mt.

Nickel prices posted the most prominent performance since the beginning of 2013. According to SMM prices, #1 nickel prices Monday saw a significant 7.5% increase since earlier 2013, up RMB 2,200/mt to RMB 130,500/mt. Jinchuan Group again raised price quotations to RMB 130,000/mt, the increase for the seventh time thus far this year.

Meanwhile, zinc prices also broke previous trading range after consolidating for two weeks.

Despite increases in nickel price offers, nickel market activity remained extremely quiet Monday as both traders and downstream producers exhibited low interest in purchasing ahead of the Chinese New Year holiday.