SMM Nickel Market Daily Review (2014-10-16)

SHANGHAI, Oct. 17 (SMM) – SMM #1 nickel prices were between RMB 106,100-106,500/mt, with the average price down RMB 6,050/mt from the previous day to its lowest since April. 1411 nickel contract prices on the Wuxi electronics trading opened 3% lower, but LME nickel price drop was more sharp, with spot discounts narrowing to RMB 0-100/mt. Transactions between traders were brisk, with traded prices between RMB 116,500-117,300 /mt, RMB 100-200/mt below the most actively traded contract on the Wuxi electronics trading. Jinchuan nickel prices were as low as RMB 116,400/mt, and Russian nickel prices were RMB 200/mt below Jinchuan nickel. Russian nickel prices were RMB 500/mt below Jinchuan nickel prices. Jinchuan left nickel prices unchanged at RMB 112,500/mt, with downstream buying interest weak.