SMM Nickel Market Daily Review (2015-6-4)

SHANGHAI, Jun. 5 (SMM) – SMM #1 nickel prices were between RMB 94,700-98,500/mt. Traders sold goods proactively as Jinchuan Group lowered prices, leading to oversupply. Premiums of Jinchuan nickel against the most actively traded nickel contracts on the Wuxi electronic trading fell to RMB 2,700/mt, with the price spread between SHFE nickel and Wuxi electronic trading nickel narrowing further. Downstream buying interest was low, leaving trading muted and traded prices between RMB 95,000-98,000/mt. Nickel futures prices held stable in the afternoon. But premiums of Jinchuan nickel decreased with ample supply from traders, allowing downstream buyers to enter the market. However, trading remained quiet and traded prices were between RMB 95,000-98,000/mt. Jinchuan Group lowered prices by RMB 2,000/mt to RMB 99,000/mt.