SMM Nickel Market Daily Review (2015-9-18)

SHANGHAI, Sept. 21 (SMM) – SMM #1 nickel prices were between RMB 76,000-77,000/mt. Discounts of Jinchuan nickel against the most actively traded contracts on the Wuxi electronic trading were RMB 100/mt in the morning, and traded prices were RMB 76,400-76,600/mt. Discounts of Russian nickel were around RMB 500/mt, with traded prices RMB 76,100-76,200/mt. cargo holders held back goods, expecting downstream buyers building stock before China’s National Day holiday. Re-imported Jinchuan nickel was unpopular, with traded prices between RMB 76,100-76,600/mt. Traders reduced supplies in the afternoon as nickel prices fell, with traded prices between RMB 75,900-76,500/mt.