[Ni Price] SMM Nickel Market Daily Review (2015-7-28)

SHANGHAI, Jul. 29 (SMM) – SMM #1 nickel prices were between RMB 81,600-83,100/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 rebounded in the morning. Jinchuan nickel was more popular than Russian nickel and the price spread between the two narrowed. Trading was lackluster as downstream buyers purchased as needed, with traded prices between RMB 82,400-83,200/mt. Nickel futures prices stabilized in the afternoon, but downstream buying interest weakened. Stainless steel plants preferred nickel plate due to its advantage and tight supply of low-priced NPI, but purchased only modestly, traded prices between RMB 82,500-83,200/mt. Jinchuan lowered nickel price by RMB 500/mt to RMB 83,500/mt.