SMM Nickel Market Daily Review (2015-5-6)

SHANGHAI, May 7 (SMM) – SMM #1 nickel prices were between RMB 103,300-107,100/mt. Nickel futures prices were strong in the morning. Jinchuan Group hiked ex-works prices further in the morning. Jinchuan nickel supply was tight, with premiums rising to RMB 3,500/mt against prices for the most actively traded contracts on the Wuxi electronic trading. Few downstream buyers purchased, with trading mainly made between traders. Trading volumes were scant, with traded prices between RMB 103,700-107,900/mt. Nickel prices rose further in the afternoon, and both traders and downstream buyers turned cautious, with traded prices between RMB 104,000-108,500/mt. Jinchuan raised nickel prices by RMB 2,500/mt to RMB 108,000/mt.