SMM Nickel Market Daily Review (2015-8-12)-Shanghai Metals Market

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SMM Nickel Market Daily Review (2015-8-12)

Price Review & Forecast 09:38:11AM Aug 13, 2015 Source:SMM

SHANGHAI, Aug. 13 (SMM) – SMM #1 nickel prices were between RMB 81,200-82,000/mt. Discounts of Jinchuan nickel against the most actively traded contracts on the Wuxi electronic trading were RMB 200/mt in the morning. Nickel futures prices slumped on RMB depreciation, pushing down spot nickel prices. Downstream buyers stayed on the sidelines, with traded prices between RMB 81,000-81,400/mt. Jinchuan nickel price remained below the most actively traded contracts on the Wuxi electronic trading, but SHFE nickel prices increased. Import window for nickel closed on RMB depreciation, leaving domestic spot nickel price firm. Downstream buyers remained cautious, while traders entered the market, increasing transactions, with traded prices between RMB 81,500-81,900/mt. Jinchuan raised price by RMB 2,100/mt to RMB 81,300/mt.

SMM Nickel Market Daily Review (2015-8-12)

Price Review & Forecast 09:38:11AM Aug 13, 2015 Source:SMM

SHANGHAI, Aug. 13 (SMM) – SMM #1 nickel prices were between RMB 81,200-82,000/mt. Discounts of Jinchuan nickel against the most actively traded contracts on the Wuxi electronic trading were RMB 200/mt in the morning. Nickel futures prices slumped on RMB depreciation, pushing down spot nickel prices. Downstream buyers stayed on the sidelines, with traded prices between RMB 81,000-81,400/mt. Jinchuan nickel price remained below the most actively traded contracts on the Wuxi electronic trading, but SHFE nickel prices increased. Import window for nickel closed on RMB depreciation, leaving domestic spot nickel price firm. Downstream buyers remained cautious, while traders entered the market, increasing transactions, with traded prices between RMB 81,500-81,900/mt. Jinchuan raised price by RMB 2,100/mt to RMB 81,300/mt.