Nickel Prices Pulled Back After Surging in the Morning Session [SMM Nickel Spot Midday Review]

SMM March 14 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, up by 75 yuan/mt compared to 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, down by 50 yuan compared to the previous trading day.

Futures: Nickel prices pulled back after opening lower today. As of 11:30, the closing price was 132,990 yuan/mt, down 0.08% from the previous trading day's settlement price, with a high of 135,560 yuan/mt.

Spot Premiums/Discounts: The spot premiums for Jinchuan-branded nickel continued to rise by 75 yuan compared to the previous trading day. The strategy of lowering premiums by traders to boost trading volume had not achieved significant results. The impact of market sentiment on nickel prices has diminished, prompting traders to slightly raise premiums to observe market reactions.

From a technical perspective, SHFE nickel futures contracts surged after opening, mainly influenced by the tin market, but later pulled back. This indicates that the influence of sentiment on the market has weakened. However, in the short term, market sentiment will still dominate nickel price trends, while end-use demand remains cautious, with potential restocking driven by rigid demand.

Price Spread with Nickel Sulphate: Today, nickel briquette prices were quoted at 133,050-134,200 yuan/mt, with an average price of 133,625 yuan/mt, up by 1,050 yuan/mt compared to the previous trading day's spot price. Nickel sulphate remains at a discount to refined nickel.