SMM Nickel Market Daily Review (2014-10-29)

SHANGHAI, Oct. 30 (SMM) – SMM #1 nickel prices were between RMB 105,300-105,600/mt. As LME nickel prices soared initially before falling, spot prices lost early gains, with traded prices between RMB 105,000-105,500/mt. Russian nickel were quoted RMB 200/mt below Jinchuan nickel, but traded RMB 500/mt below Jinchuan nickel. A large number of bargain hunters snapped up goods. Trading improved in the afternoon due to higher spot prices, with traded prices RMB 500-200/mt below 1411 nickel contract prices on the Wuxi electronic trading, between RMB 105,500-106,200/mt. Downstream buying interest improved. Jinchuan raised nickel prices RMB 4,500/mt to RMB 105,500/mt.