SMM Nickel Market Daily Review (2015-6-15)

SHANGHAI, Jun. 16 (SMM) – SMM #1 nickel prices were between RMB 95,600-97,600/mt. Traders sold actively as nickel prices fell in the morning. SMM understands inventories at CMST grew significantly, with supply healthy. But downstream buyers only purchased modestly, with trading quiet and traded prices between RMB 95,700-97,400/mt. Jinchuan Group was unwilling to sell in the afternoon as nickel prices continued to fall, with premiums of Jinchuan nickel against the most actively traded contracts on the Wuxi electronic trading around RMB 900/mt. Only a few traders purchased, and downstream buying interest was low, leaving trading muted. Jinchuan Group lowered prices by RMB 3,000/mt to RMB 98,000/mt.