Nickel Prices Pull Back Further, Premiums and Discounts Drop Slightly [SMM Nickel Spot Midday Review]

SMM, December 31:
Spot premiums/discounts: Today's quotations reflect the contract rollover, with the most-traded contract changing to the 2502 contract. The mainstream spot premiums for Jinchuan No.1 nickel were in the range of 2,800-3,200 yuan/mt, with an average premium of 3,000 yuan/mt. Russian nickel premiums/discounts were quoted in the range of -200 to 200 yuan/mt, with an average premium of 0 yuan/mt.
Futures: In the morning, nickel prices fluctuated at low levels, dropping 30 yuan to 124,420 yuan, down 0.02%.
The premiums for Jinchuan-branded nickel continued to drop slightly. With the increase in supply, short-term premiums are expected to decline further. Spot premiums/discounts for nickel plates of other brands remained largely stable this month. As the year-end approaches, overall market transactions were sluggish.
Regarding the price spread with nickel sulphate: Today's nickel briquette prices were 123,400-124,050 yuan/mt, down 75 yuan/mt compared to the previous trading day's spot price. Nickel sulphate remained at a discount to refined nickel.