Transactions were Poor as SHFE Nickel Further Increased and Spot Premiums Slightly Declined

SHANGHAI, Aug 26 (SMM) - In the spot market, on Aug 26, the premiums of Jinchuan nickel were quoted at 4,000-4,500 yuan/mt, with an average price of 4,250 yuan/mt, down 50 yuan/mt from the previous trading day. NORNICKEL nickel was quoted at 2,400-2,600 yuan/mt, and the average price was 2,500 yuan/mt, down 200 yuan/mt from the previous trading day. As the futures prices were still high, downstream demand was still weak. The spot transactions were lower than expected. In terms of nickel briquette, the price of nickel briquette was 176,800-177,300 yuan/mt, up 2,750 yuan from yesterday, mainly because the premiums narrowed. In addition, as the economy effectiveness of nickel briquette was lower than intermediate products and nickel plates were currently the mainstream alloys raw materials nickel plate, the spot transaction of nickel briquette was poor.