SHANGHAI, Feb 1 (SMM) - Quotes for spot pure nickel were made against the SHFE 2303 nickel contract today.
On January 1, spot premiums of Jinchuan nickel stood at 4,200-7,500 yuan/mt, averaging at 5,850 yuan/mt, down 2,650 yuan/mt from a day ago. Premiums of Nornickel nickel were quoted at 7,000-7,500 yuan/mt, with an average of 7,250 yuan/mt, down 1,000 yuan/mt.
SHFE nickel kept rising, but spot trades were slack due to high spot prices. As upstream suppliers were eager to sell, the spot premiums edged down.
In terms of nickel briquette, the spot prices were 229,100-229,600 yuan/mt, an increase of 400 yuan/mt from a day ago. The cost-efficiency of nickel sulphate production using nickel briquette remained low, thus the spot transactions were weak.
