[Ni Price] SMM Nickel Market Daily Review (2015-7-23)

SHANGHAI, Jul. 24 (SMM) – SMM #1 nickel prices were between RMB 83,400-84,800/mt. Premiums of Jinchuan nickel against the most actively traded contracts on the Wuxi electronic trading were RMB 600/mt in the morning. Discounts of Russian nickel against the most actively traded contracts on the Wuxi electronic trading contracted to RMB 100/mt. Downstream buyers took a wait-and-see posture on falling nickel prices, with traded prices between RMB 84,100-84,800/mt. Nickel prices stabilized in the afternoon, with discounts of Russian nickel against the most actively traded contracts on the Wuxi electronic trading returning to RMB 400/mt. Jinchuan Group sold proactively, with the price spread between Jinchuan nickel and Russian nickel narrowing. Downstream buyers purchased modestly, with traded prices between RMB 84,080-84,800/mt. Jinchuan lowered nickel price by RMB 1,800/mt to RMB 85,000/mt.