SHANGHAI, Jul. 8 (SMM) – SMM #1 nickel prices were between RMB 85,300-86,900/mt. Premiums of Jinchuan nickel against the most actively traded contracts on the Wuxi electronic trading were RMB 500/mt in the morning. Nickel prices lacked ability to rebound as market pessimism persisted. A growing number of stainless steel plants cut or suspended production, with demand sluggish and traded prices between RMB 85,100-86,800/mt. Premiums of Jinchuan nickel against the most actively traded contracts on the Wuxi electronic trading rose to RMB 600/mt in the morning. Some traders replenished stocks on plunging nickel prices, but Russian nickel remained in oversupply, with discounts of RMB 500/mt against Jinchuan nickel. Downstream buyers purchased as needed, with traded prices between RMB 84,200-85,600/mt.