Nickel Prices to Gain Weaker Support from Pure Nickel Supply Tightness

Telah Terbit: Apr 26, 2023 09:43
Sumber: SMM
According to SMM research, some Russian nickel has been cleared recently and flowed into the Chinese market, alleviating the imported pure nickel supply shortage and greatly suppressing NORNICKEL nickel premiums.

SHANGHAI, Apr 26 (SMM) - According to SMM research, some Russian nickel has been cleared recently and flowed into the Chinese market, alleviating the imported pure nickel supply shortage and greatly suppressing NORNICKEL nickel premiums. NPI market supply was not high, while the invisible inventory is expected to be released. Traders might ship at lows after the spread between nickel and NPI narrowed. On the demand side, according to SMM research, the stainless steel futures prices grew apace overnight, which failed to stimulate the spot prices the next day. Prices of #304 stainless steel stood stable, but the spots could be traded lower. The downstream sectors are less willing to purchase. Nickel prices are likely to gain weaker support from supply tightness.

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