SMM Nickel Market Daily Review (2013-4-9)

SHANGHAI, Apr. 10 (SMM) - In Shanghai, Jinchuan lowered ex-works prices by RMB 1,500/mt, to RMB 113,500/mt on Tuesday, which is a direction for the market. As LME nickel prices overnight closed with gains and extended increases today, spot nickel prices rose in response. Russian nickel prices were between RMB 113,400-113,500/mt, with Jinchuan quotes between RMB 114,400-114,500/mt. But traded prices fell since LME nickel prices met resistance and due to weak consumption, with Russian nickel prices concentrated between RMB 114,200-114,300/mt, and Jinchuan nickel prices between RMB 114,200-114,300/mt, and transactions muted.