SMM March 12 News:
Spot Premiums/Discounts: The mainstream spot premiums for Jinchuan No.1 nickel were quoted in the range of 1,200-1,300 yuan/mt, with an average premium of 1,250 yuan/mt, down by 50 yuan/mt from the previous trading day. The spot premiums/discounts for Russian nickel were quoted in the range of -200 to 0 yuan/mt, with an average discount of -100 yuan/mt, up by 50 yuan from the previous trading day.
Futures: Nickel prices rose after the opening today. As of 11:30, the closing price was 132,550 yuan/mt, up 0.20% from the previous trading day's settlement price, with a high of 132,780 yuan/mt.
Spot Premiums/Discounts: The premiums for Jinchuan nickel continued to decline by 50 yuan compared to the previous trading day. Traders adopted a price reduction strategy to promote transactions, but the results were moderate. End-users mainly remained in a wait-and-see mode.
From a technical perspective and in terms of market sentiment, SHFE nickel futures contracts showed a fluctuating upward trend. In the short term, sentiment continued to have a greater impact on market prices than fundamentals.
Price Spread with Nickel Sulphate: Today, nickel briquette prices were in the range of 131,200-131,500 yuan/mt, with an average price of 131,350 yuan/mt, up by 300 yuan/mt from the previous trading day's spot price. Nickel sulphate remained at a discount to refined nickel.
