[SMM Nickel spot afternoon Review] after the overnight rise in Shanghai Nickel, the spot transaction turned to light and the monthly quotation of Russo Nickel discount continued to narrow.

SMM, July 24th:

Today, SMM1 Electrolytic Nickel is quoted at 107800 RMB108800 per ton. Shanghai Nickel rose sharply last night and fluctuated at a high above 108000 yuan / ton today. Half of the traders in the spot market have turned to 2009 contracts, but the mainstream transaction is still reached after bidding for 2008 contracts. Today, Russo Nickel continues to narrow the discount due to the hesitation of shippers. The mainstream quotation ranges from 250 yuan / ton to 200 yuan / ton for Shanghai Nickel 2008 contract. The transaction situation is poor, but the non-deliverable Russo Nickel contract for 2008 is 300 yuan / ton for some shippers. And it's a good deal. Jinchuan Nickel to Shanghai Nickel 2008 contract reported a rise of about 500 yuan / ton, the transaction situation is slightly light. And nickel beans to Shanghai Nickel 09 contract quoted price of about 1000 yuan / ton.

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