Nickel Price Fluctuations: Futures "Decline–Rebound–Pull Back" [SMM Nickel Spot Midday Review]

SMM, February 13:

Spot Premiums/Discounts: The mainstream spot premiums for Jinchuan No.1 nickel were quoted in the range of 2,000-2,300 yuan/mt, with an average premium of 2,150 yuan/mt, up by 100 yuan compared to the previous trading day. The spot premiums/discounts for Russian nickel were quoted in the range of -100 to 100 yuan/mt, with an average premium of 0 yuan/mt, up by 50 yuan compared to the previous trading day.

Futures: Nickel prices opened lower in the morning, with a decline of 0.16%, reaching a low of 124,010 yuan/mt.

Spot Premiums/Discounts: The premiums for Jinchuan-branded nickel rose slightly compared to yesterday, possibly influenced by domestic fiscal policies, with market sentiment remaining high. The spot premiums/discounts for other brands of nickel plates in the spot market showed relatively small changes overall.

Today, nickel prices experienced a process of "decline-rebound-pullback" after the opening. The premiums for Jinchuan-branded nickel saw a slight increase. The spot premiums/discounts for other brands of nickel plates remained largely stable this month. In the short term, attention should be paid to changes in the surplus pattern of nickel, with the most-traded contract expected to operate in the range of 120,000-130,000 yuan.

Price Spread with Nickel Sulphate: Today, nickel briquette prices were in the range of 123,750-124,250 yuan/mt, with an average price of 124,000 yuan/mt, down by 50 yuan/mt compared to the previous trading day's spot price. Nickel sulphate remained at a discount to refined nickel.