SMM Nickel Market Daily Review (2015-4-22)

SHANGHAI, Apr. 23 (SMM) – LME nickel moved between USD 12,700-12,780/mt after opening at USD 12,755/mt during Asian trading hours. Trading volumes decreased 1,758 to 3,112 lots, and LME nickel inventories grew 414 to 434,376 mt. 

SHFE 1507 nickel prices opened at RMB 96,320/mt and then slid to RMB 95,750/mt. Finally, the contract closed at RMB 96,330/mt, up RMB 420/mt. 

In China’s domestic spot market, SMM #1 nickel prices were between RMB 92,900-95,300/mt. Jinchuan nickel prices were RMB 1,200-1,500/mt above prices on the Wuxi electronic trading. Trading was light, with traded prices ranging RMB 93,100-94,900/mt. In the afternoon session, traders turned unwilling to sell Jinchuan goods, but supply of Russian nickel was healthy. Downstream producers, on the other hand, bought on need, with traded prices between RMB 93,300-95,000/mt.