Snapshot: Nickel spot market in Shanghai

SHANGHAI, Mar 20 (SMM) – Norilsk nickel in the Shanghai market traded at a discount of about 400 yuan/mt against the Wuxi Stainless Steel Exchange 1804 contract on Tuesday March 20, while Jinchuan traded at a premium at 0-100 yuan/mt, SMM learned.

Jinchuan offered nickel plate at 101,700 yuan/mt.

As nickel futures traded rangebound earlier in the morning, traders made offers actively due to ample supply. Some downstream consumers adopted a watch-and-wait approach. Prices of futures slumped before the midday closure, and some consumers entered the market to take advantage of the dips. Transactions were seen at 101,000-101,700 yuan/mt for the most part.

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