Spot Premiums of Pure Nickel Dropped amid Poor Trades in the Morning Spot Market

SHANGHAI, Aug 4 (SMM) - In the spot market, Jinchuan nickel was quoted at premiums of 6,600-8,000 yuan/mt as of July 4, with an average price of 7,300 yuan/mt, down 1,450 yuan/mt from a day ago. Premiums of NORNICKEL nickel stood at 7,300-7,800 yuan/mt, with an average price of 7,550 yuan/mt, down 600 yuan/mt from the last trading day. Premiums of Jinchuan and Russian nickel both declined slightly because the ex-factory prices of Jinchuan nickel lowered and the trades of NORNICKEL were sacarce amid weak demand. The prices nickel briquette were 179,500-180,400 yuan/mt, 600 yuan/mt lower than that of the previous trading day. Since the cost efficiency of producing nickel sulphate with briquette was also poorer than intermediates, and the mainstream raw material for alloy is mainly nickel plate, there was basically no transaction of spot nickel briquette.