SMM Nickel Market Morning Comment (Nov 1)

On October 31, Jinchuan nickel was quoted at a premium of 1,400-1,600 yuan/mt, with an average of 1,500 yuan/mt, down 300 yuan/mt from the previous trading day. Norilsk nickel was quoted at a discount of 500-150 yuan/mt, with an average of 325 yuan/mt, down 225 yuan/mt from the previous trading day. On the morning of October 31, the futures market fluctuated, and spot premiums slightly decreased compared to the previous working day, mainly due to the overall decline in nickel prices. Nickel briquette prices were 123,200-123,600 yuan/mt (out of stock), down 200 yuan/mt from the previous trading day. The price spread between nickel briquette and nickel sulphate was about 891 yuan/mt (nickel sulphate prices were 891 yuan/mt higher than nickel briquette prices).