SMM Nickel Market Morning Comment (Jun 27)

On June 26, Jinchuan nickel was at a premium of 1,800-2,100 yuan/mt, with an average of 1,950 yuan/mt, a decrease of 100 yuan/mt compared to the previous trading day. Russian nickel was at a discount of 200 yuan/mt to a premium of 100 yuan/mt, with an average discount of 50 yuan/mt, flat compared with the previous trading day. The market fluctuated at recent lows in the morning. The shortage of electro-deposited nickel in the spot market continued, and the premiums and discounts for various brands remained strong. The price of nickel briquette was 132,000-132,700 yuan/mt, a decrease of 450 yuan/mt compared to the previous trading day. The price gap between nickel briquette and nickel sulphate was approximately 1,668 yuan/mt (nickel sulphate prices were 1,668 yuan/mt lower than nickel briquette prices).