SMM Nickel Market Daily Review (2015-7-8)

SHANGHAI, Jul. 9 (SMM) – SMM #1 nickel prices were between RMB 80,500-82,300/mt. Premiums of Jinchuan nickel against the most actively traded contracts on the Wuxi electronic trading were RMB 1,700/mt in the morning. Short momentum dominated the market as commodity prices slumped across the board. Trading was muted, with prices between RMB 80,100-81,900/mt. Some downstream buyers purchased in the afternoon as nickel prices fell, and some traders also replenished stocks, causing trading to improve, with prices between RMB 79,100-81,000/mt. Jinchuan Group lowered prices by RMB 4,300/mt to RMB 83,000/mt, which is still much higher than market price.