SHANGHAI, Jul. 2 (SMM) – In the Shanghai nickel spot market, #1 nickel averaged RMB 96,870/mt, down RMB 2,610/mt from a week earlier. The price gap between imported and Jinchuan nickel was RMB 1,000/mt, a sign of an easing in the current tight supply of Russian nickel. After LME nickel prices tumbled on Monday, domestic spot nickel prices also lost RMB 1,100/mt, but later gained back RMB 600/mt after market fears eased. Weak demand and tight liquidity negatively affected spot trading. Despite signs of a technical rebound, any price gains in the coming week will be limited.