SMM Nickel Market Daily Review (2015-5-8)

SHANGHAI, May 11 (SMM) – SMM #1 nickel prices were between RMB 103,700-109,300/mt. Nickel futures prices rose in the morning. Premiums of Jinchuan nickel remained at RMB 5,000/mt against prices for the most actively traded contracts on the Wuxi electronic trading, or even as high as RMB 5,200-5,500/mt. Downstream buyers were inclined to purchase Russian nickel, leaving trading muted and traded prices between RMB 103,500-109,200/mt. Russian nickel prices edged up as nickel futures prices climbed in the afternoon. Trading was mainly for Russian nickel, with traded prices between RMB 104,400-109,200/mt. Jinchuan raised ex-works prices by RMB 2,000/mt to RMB 110,000/mt.