SMM Nickel Market Daily Review (2013-2-19)

SHANGHAI, Feb. 20 (SMM) -- Jinchuan Group cut ex-works nickel prices by RMB 2,000/mt to RMB 126,000/mt on Tuesday. During the morning trading session in the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were in the RMB 126,800-127,000/mt range, and mainstream traded prices of nickel from Russia were in the RMB 125,700-125,900/mt range. Market transactions were quiet amid strong wait-and-see sentiment. Following Jinchuan Group’s price cut, Jinchuan nickel spot prices fell to RMB 125,500/mt and Russian nickel spot prices fell to RMB 124,500/mt. Price decline fueled market concern and depressed transactions.