SMM Nickel Market Daily Review (2015-5-12)

SHANGHAI, May 13 (SMM) – SMM #1 nickel prices were between RMB 104,000-109,100/mt. Nickel futures prices fell in the morning. Premiums of Jinchuan nickel remained at RMB 4,200/mt against prices for the most actively traded contracts on the Wuxi electronic trading. Jinchuan sold deliverable spot goods at a price RMB 1,500/mt above market prices. Downstream buying interest was weak, with traded prices between RMB 104,300-109,100/mt. Nickel futures prices dropped in the afternoon, weighing on spot nickel prices. SMM understands a few traders have warrants of Jinchuan nickel. This will help alleviate market corner. Downstream buying interest remained weak, with traded prices between RMB 103,700-108,500/mt.