Market Trading was Slack amid the High Spot Prices of Pure Nickel

SHANGHAI, Nov 23 (SMM) - On November 23, spot premiums of Jinchuan nickel were 3,600-4,000 yuan/mt. The average premium stood at 3,800 /mt, down 450 yuan/mt from the previous trading day. NORNICKEL nickel was quoted at premiums of 2,300-2,500 yuan/mt, with an average premium of 2,400 yuan/mt, down 50 yuan/mt from the previous trading day. SHFE nickel prices fluctuated with occasional ups affected by the news front. The absolute price of spots was still high despite the falls in premiums, and the spot trading was slack. Prices of nickel briquettes were 200,700-201,600 yuan/mt, up 500 yuan/mt from the previous trading day. Spot prices of nickel briquette were quoted at discounts, but the prices were still higher than the nickel sulphate prices. Besides, the demand from the steel mills was poor. Therefore, the market saw rare nickel briquette transactions.