SMM Nickel Market Morning Comment (Jun 7)

On June 6, Jinchuan nickel was at a premium of 1,600-1,800 yuan/mt, with an average of 1,700 yuan/mt, up 350 yuan/mt compared to the previous trading day. Russian nickel was at a discount of 100-400 yuan/mt, with an average of 250 yuan/mt, up 50 yuan/mt compared to the previous trading day. In the morning, the market continued to decline. The drop in raw material prices led to downstream demand, resulting in a slight recovery in the spot market transactions. The shortage of electro-deposited nickel in the spot market continued, and the premium and discount of various brands showed a significant increase. Nickel briquette prices were 139,100-139,700 yuan/mt, down 1,000 yuan/mt compared to the previous trading day. The price gap between nickel briquette and nickel sulphate was about 10,827 yuan/mt (nickel sulphate prices were 10,827 yuan/mt higher than nickel briquette prices).