SMM May 8 Shanghai Nickel spot Daily Review

SMM, 8 May:

Today SMM1 Electrolytic Nickel offer 101200-102700 yuan / ton, the average price is 250 yuan / ton lower than yesterday. Shanghai nickel closed down yesterday night, this morning Shanghai nickel although some recovery, but the center of gravity is still lower than the previous two days. While the price fell, the spot market trading did not improve significantly. Russian nickel to Shanghai nickel 2006 contract reported 50 yuan / ton to rise 50 yuan / ton, traders today more flat, part of the non-deliverable Russian nickel discount shipment, today's Russian nickel transaction is slightly better than yesterday, but the recovery is limited. Jinchuan nickel to Shanghai nickel 2006 contract rose 1200-1300 yuan / ton, traders still continue yesterday's offer, some traders have dozens of tons of trading volume. Jinchuan Company Shanghai ex-factory price of 102000 yuan / ton, Gansu 101550 yuan / ton, it is reported that the morning market trade in Gansu to pick up a small number of goods. Nickel beans to Shanghai nickel 2007 contract posted 700 yuan / ton, due to May Day before the three yuan precursor factory has goods, the current demand is weak.

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