SMM Nickel Market Daily Review (2014-10-14)

SHANGHAI, Oct. 15 (SMM) – SMM #1 nickel prices were between RMB 113,300-113,700/mt. Spot prices rose with LME nickel prices in the morning, but lost some early gains later on. Nonetheless, traders operated actively, with traded prices between RMB 113,100-113,600/mt in the morning. Jinchuan nickel prices were RMB 400-500/mt below 1411 nickel contract prices on the Wuxi electronics trading. Russian nickel prices were RMB 200-300/mt below below Jinchuan nickel, and Jiangli nickel prices were RMB 800/mt below Jinchuan nickel. Spot nickel prices in the afternoon climbed slightly in the afternoon to RMB 113,800/mt, with mainstream traded prices between RMB 113,300-113,600/mt. Downstream buying interest weakened now that they had built stocks ahead of the Chinese National Day holiday.