SHANGHAI, Aug. 5 (SMM) – SMM #1 nickel prices were between RMB 80,200-81,100/mt. Premiums of Jinchuan nickel against the most actively traded contracts on the Wuxi electronic trading were RMB 500/mt in the morning. Jinchuan Group lowered ex-works prices in the morning, with downstream buyers purchasing modestly and traded prices between RMB 80,000-80,700/mt. Nickel prices rallied in the afternoon, with traded prices higher than Jinchuan’s ex-works price. Downstream buyers purchased proactively as nickel prices stabilized. Nickel inventories in Shanghai were reportedly high, mostly consisting of Jinchuan and Russian nickel. Jinchuan nickel is less popular than Russian nickel, with traded prices between RMB 80,300-80,900/mt. Jinchuan lowered ex-works price by RMB 800/mt to RMB 80,700/mt.