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

SHANGHAI, May 6 (SMM) – SMM #1 nickel prices were between RMB 101,400-104,900/mt. Jinchuan Group hiked ex-works prices further in the morning. Jinchuan nickel supply was tight while Russian nickel supply was sufficient. But downstream buyers were depressed after the price hike, leaving overall transactions quiet and traded prices between RMB 102,000-104,600/mt. Nickel prices were low in the afternoon, but premiums on Jinchuan nickel expanded to RMB 3,000/mt on tight supply. Downstream buying interest was weak, with traded prices between RMB 101,500-104,500/mt. Jinchuan raised nickel prices by RMB 2,000/mt to RMB 105,500/mt.