SMM Nickel Market Daily Review (2015-5-20)

SHANGHAI, May 21 (SMM) – SMM #1 nickel prices were between RMB 95,400-99,300/mt. SHFE nickel prices plunged, causing spot premiums to increase. Premiums of Jinchuan nickel held stable, while Russian nickel rose to RMB 400/mt above prices for the most actively traded contracts on the Wuxi electronic trading. Both traders and downstream buyers replenished stocks, with traded prices between RMB 95,700-99,500/mt. Nickel prices stabilized in the afternoon, and traders sold actively, but downstream buyers turned cautious, with trading muted and traded prices between RMB 95,800-99,600/mt. Jinchuan Group lowered nickel prices by RMB 6,000/mt to RMB 102,000/mt.