3.7
SMM March 7 News: Spot Premiums/Discounts: The mainstream spot premiums for Jinchuan No.1 nickel were quoted in the range of 1,350-1,500 yuan/mt, with an average premium of 1,425 yuan/mt, down by 125 yuan/mt from the previous trading day. The premiums and discounts for Russian nickel were quoted in the range of -100 to 0 yuan/mt, with an average discount of -50 yuan/mt, remaining unchanged from the previous trading day.
Futures: Nickel prices surged after the opening today, successfully breaking through the psychological threshold of 130,000 yuan. As of the 11:30 closing price, it stood at 130,730 yuan/mt, up by 2.38% from the previous trading day's settlement price, with a high of 131,430 yuan/mt.
Spot Premiums/Discounts: The premiums for Jinchuan-branded nickel decreased by 125 yuan compared to the previous trading day. Market transactions remained relatively sluggish, prompting traders to lower prices moderately to boost trading volume.
From a technical and market sentiment perspective, the most-traded SHFE nickel futures contract has recently shown strength, consistently holding above key levels such as the 22-day moving average. Increased trading volume and positive technical indicators have also provided momentum for price increases.
Price Spread with Nickel Sulphate: Today, nickel briquette prices ranged from 128,750 to 129,600 yuan/mt, with an average price of 129,175 yuan/mt, up by 1,325 yuan/mt from the previous day's spot price. Nickel sulphate remained at a discount to refined nickel.
