SMM Nickel Market Daily Review (2013-7-16)

SHANGHAI, Jul. 17 (SMM) – In Shanghai, Jinchuan nickel prices were between RMB 96,100-96,300/mt, and Russian nickel prices were between RMB 95,100-95,300/mt. Jinchuan nickel lowered nickel prices further by RMB 1,000/mt, to RMB 96,500/mt. Downstream buying interest was low, but arbitragers were active due to arbitrage opportunities. Transactions of South African nickel and Russian nickel were more brisk than Jinchuan nickel, with South African nickel prices RMB 400/mt below Russian nickel. After Jinchuan nickel adjusted prices, some traders began to hold onto their goods as spot prices in Shanghai were lower than ex-works prices.