SMM Nickel Market Daily Review (2014-4-24)

SHANGHAI, Apr. 25 (SMM) – SMM #1 nickel prices were between RMB 126,600-127,500/mt, down RMB 350/mt. Prices in Wuxi slid by nearly 1 percentage point due to high opening prices and selloffs, allowing traders to sell Jinchuan nickel out of fears that prices would drop. Jinchuan nickel prices dropped to RMB 125,900-126,300/mt in the afternoon, and the price spread between Russian nickel and Jinchuan nickel narrowed to RMB 600-700/mt due to tight Russian nickel supply, with inquiries brisk. But purchases were muted after spot prices fell.