SMM Nickel Market Daily Review (2014-10-21)

SHANGHAI, Oct. 22 (SMM) – SMM #1 nickel prices were between RMB 103,600-103,900/mt. Spot prices dropped after opening, with quotes RMB 0-100/mt below 1411 nickel contract prices on the Wuxi electronics trading. Russian nickel prices were RMB 200/mt below Jinchuan nickel prices, between RMB 103,500-104,700/mt. Spot prices stabilized between RMB 103,400-103,500/mt at one point in the afternoon, but fell with LME nickel prices after 3:00 pm, with Jinchuan nickel prices traded as low as RMB 102,600/mt. Trading between traders was active. Jinchuan lowered nickel prices RMB 3,300/mt to RMB 103,700/mt, but trading was barely made at this price level in the afternoon. Downstream purchase increased.