[Ni Price] SMM Nickel Market Daily Review (2015-7-21)

SHANGHAI, Jul. 22 (SMM) – SMM #1 nickel prices were between RMB 85,500-86,900/mt. Premiums of Jinchuan nickel against the most actively traded contracts on the Wuxi electronic trading were RMB 600/mt in the morning. Downstream buyers remained cautious in the morning as nickel price rose, with trading muted and traded prices between RMB 85,600-86,700/mt. Nickel prices stabilized in the afternoon, but downstream buyers were unwilling to purchase at higher prices. It was reported the SRB will build nickel stocks, but traders refrained from buying on high inventories, with overall transactions quiet and traded prices between RMB 85,900-87,100/mt. Jinchuan raised nickel price by RMB 1,000/mt to RMB 86,800/mt.