SMM Nickel Market Daily Review (2013-4-25)

SHANGHAI, Apr. 26 (SMM) - Jinchuan Nickel raised ex-works prices by RMB 1,000/mt, to RMB 107,000/mt on Thursday. In Shanghai, Jinchuan Nickel prices were concentrated between RMB 107,400-107,600/mt in the morning, while Russian nickel prices were between RMB 106,500-106,700/mt, holding firm due to tight supply. Traders began to hold back goods after Jinchuan Nickel raised ex-works prices, with prices up to RMB 108,000/mt, while Russian nickel prices were around RMB 107,000/mt. Downstream buying interest was low since spot prices have been rising, with increases much larger than LME nickel prices. But optimism of some traders thus increased, so they began to increase inventories, with transactions brisk.