SMM Nickel Market Daily Review (2015-5-13)

SHANGHAI, May 14 (SMM) – SMM #1 nickel prices were between RMB 104,000-109,100/mt. Premiums of Jinchuan nickel remained at RMB 4,200/mt against prices for the most actively traded contracts on the Wuxi electronic trading. Jinchuan sold deliverable spot goods at a price RMB 1,500/mt above market prices. Downstream buying interest was weak, with traded prices between RMB 104,300-109,100/mt. Traders sold actively as nickel prices dropped in the afternoon, with spot premiums contracting. Premiums of Jinchuan nickel decreased to RMB 3,100/mt, but failed to boost downstream buying interest. A shipload of Russian nickel is expected to arrive next week. Traded prices were between RMB 104,300-108,000/mt. Jinchuan Group lowered prices by RMB 1,000/mt to RMB 109,500/mt.