SMM Nickel Market Daily Review (2013-7-9)

SHANGHAI, Jul. 10 (SMM) – In Shanghai, Jinchuan nickel prices were between RMB 95,400-95,500/mt, and Russian nickel prices were between RMB 94,400-94,500/mt. Market confidence improved as LME nickel prices overnight rebounded and prior to China’s major economic data, with some downstream buyers replenishing stocks at lower prices, and causing transactions to improve. LME nickel prices continued to rise, while downstream optimism increased, causing trading volumes to increase further. Traders raised Jinchuan nickel prices to RMB 95,700-95,800/mt, and nickel prices rose to RMB 94,700-94,800/mt.