[Ni Price] SMM Nickel Market Daily Review (2015-8-6)

SHANGHAI, Aug. 7 (SMM) – SMM #1 nickel prices were between RMB 80,300-81,300/mt. Premiums of Jinchuan nickel against the most actively traded contracts on the Wuxi electronic trading were RMB 100/mt in the morning. Jinchuan Group raised ex-works prices slightly in the morning, and sold proactively, with the price spread between Jinchuan and Russian nickel narrowing to RMB 400/mt. Trading remained quiet, with traded prices between RMB 80,400-81,000/mt. Nickel prices fluctuated in a wide range in the afternoon, with premiums of Jinchuan nickel against the most actively traded contracts on the Wuxi electronic trading RMB 100/mt in the morning. Jinchuan Group adjusted ex-works price due to the large inflow of imported zinc. Domestic stainless steel plants cut output in August, weakening demand for nickel, with trading quiet and traded prices between RMB 80,500-81,000/mt. Jinchuan Group hiked price by RMB 500/mt to RMB 81,200/mt.