SMM Nickel Market Daily Review (2015-4-9)

SHANGHAI, Apr. 10 (SMM) – SMM #1 nickel prices were between RMB 94,200-96,600/mt. Nickel prices stabilized in the morning, but a large influx of imported zinc was expected to weigh on nickel prices. Discounts on Russian nickel against Jinchuan nickel widened to RMB 1,800/mt. Some traders sold at a level RMB 100-200/mt above 1505 nickel contracts on the Wuxi electronic trading, much lower than market prices. But downstream buying interest was low, with trading muted and traded prices between RMB 94,300-96,400/mt. Jinchuan nickel prices were firm in the afternoon, while Russian nickel prices extended losses. A large numbers of traders sold off goods, with Russian nickel prices close to prices on the Wuxi electronic trading, and even below Jinchuan nickel prices. A growing inflow of Russian nickel kept investors cautious, and muted transactions, with traded prices between RMB 93,800-96,500/mt. Jinchuan Group lowered prices by RMB 500/mt to RMB 96,500/mt.