SMM Nickel Market Daily Review (2014-10-24)

SHANGHAI, Oct. 27 (SMM) – SMM #1 nickel prices were between RMB 103,200-103,500/mt, level with the previous trading day. Quotes were RMB 200-100/mt below 1411 nickel contract prices on the Wuxi electronic trading, and Russian nickel prices were RMB 200-100/mt below Jinchuan nickel. Spot trading was modest despite significant price volatility in the morning, with traded prices were between RMB 103,200-103,500/mt. Spot prices fell with LME nickel prices in the afternoon, and traders mostly suspended operations at the week’s end. Jinchuan nickel prices were as low as RMB 102,800/mt, with transactions quiet.
Jinchuan lowered nickel prices RMB 400/mt to RMB 103,300/mt in the morning, while spot prices continued to rise in the afternoon, with Jinchuan nickel prices touching as high as RMB 103,500/mt. Stainless steel plants preferred NPI to refined nickel as NPI prices have dropped below RMB 1,000/mtu.