SMM Nickel Market Daily Review (2013-7-3)

SHANGHAI, Jul. 4 (SMM) – In Shanghai, #1 nickel prices were quoted between RMB 97,800-98,800/mt, up RMB 300/mt from the previous day. The average Jinchuan nickel price was RMB 98,800/mt, with Russian nickel prices averaging RMB 97,800/mt. But as LME nickel prices fell in the afternoon, both Jinchuan and Russian nickel prices slid by RMB 300/mt, with RMB 98,500/mt and RMB 97,500/mt, respectively. Mainstream Zhuyou brand prices dropped to RMB 97,800/mt, level with Russian nickel prices. Downstream buyers stood on the sidelines, while traders were also cautious, with transactions muted.