SMM Nickel Market Daily Review (2013-7-17)

SHANGHAI, Jul. 18 (SMM) – In Shanghai, Jinchuan nickel prices were around RMB 97,400/mt, and Russian nickel prices were around RMB 96,300/mt, with #1 nickel average price up RMB 1,150/mt. Jinchuan nickel raised nickel prices by RMB 1,000/mt, to RMB 97,500/mt. Transactions improved in the morning as LME nickel prices advanced, but weakened in the afternoon as prices dropped and prior to Ben Bernanke’s testimony. Jinchuan nickel prices were between RMB 97,200-97,400/mt in the afternoon, and Russian nickel prices were between RMB 96,200-96,300/mt. The price spread between Russian nickel and Jinchuan nickel expanded to RMB 1,200/mt due to ample supply. South African nickel prices were RMB 400/mt below Russian nickel, and Zhuyou nickel prices were RMB 200/mt lower than Jinchuan nickel prices.