SMM Nickel Market Daily Review (2014-10-22)

SHANGHAI, Oct. 23 (SMM) – SMM #1 nickel prices were between RMB 103,700-104,100/mt. LME nickel prices failed to break through RMB 15,000/mt, but cargo holders were not pessimistic toward the market. Spot supply increased as arbitrage traders sold actively, with quotes RMB 200-100/mt below 1411 nickel contract prices on the Wuxi electronics trading, between RMB 103,800-104,200/mt. Spot price volatility was up in the afternoon, leaving trading brisk, with traded prices between RMB 103,800-104,700/mt. Jinchuan left nickel prices unchanged at RMB 103,700/mt, with downstream purchasing actively.