SMM Nickel Market Daily Review (2013-3-8)

SHANGHAI, Mar.11 (SMM) -- In the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were between RMB 117,800-118,000/mt, and mainstream traded prices of nickel from Russia were between RMB 116,800-117,000/mt. Most buyers adopted a wait-and-see attitude amid high prices offered, and mainstream were thus muted. During the afternoon trading hours, traders lowered Jinchuan Group nickel price to RMB 117,700/mt and Russian nickel prices to RMB 116,700/mt as their willingness to move goods grew out of concern that nonfarm employment data may fall. The lower prices in spot market offered arbitrage opportunity, increasing transactions between traders.