SMM Nickel Market Daily Review (2013-3-20)

SHANGHAI, Mar.21 (SMM) -- During the morning trading hours in the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were in the RMB 116,700-116,800/mt range, and mainstream traded prices of nickel from Russia were in the RMB 115,600-115,800/mt range. As LME nickel prices lurched higher during the afternoon trading hours, offers of Jinchuan Group nickel rose to RMB 116,800-117,000/mt and offers of nickel from Russia were around RMB 115,800/mt. Although LME nickel prices have slightly advanced, market confidence still needs further improving. Transactions were sluggish and wait-and-see sentiment was strong.