SMM Nickel Market Daily Review (2013-4-16)

SHANGHAI, Apr. 17 (SMM) - In Shanghai, nickel prices fluctuated significantly on Tuesday. Jinchuan nickel prices were quoted as low as RMB 108,000/mt, but since LME nickel prices continued to rebounded, market confidence increased, with traders raising their quotes. Jinchuan nickel prices rose to RMB 108,200/mt, and then advanced further to RMB 108,500/mt in the afternoon, with quotes as high as RMB 109,000-109,200/mt due to rising LME nickel prices (Russian nickel prices were generally RMB 1,000/mt below Jinchuan nickel, with fluctuations similar to Jinchuan nickel price). Market sentiment improved as LME nickel prices rebounded, with transactions brisk.