Surging nickel futures hold back spot buyers

SHANGHAI, Apr 19 (SMM) – Norilsk nickel in the Shanghai market traded at a premium of 200 yuan/mt against the Wuxi Stainless Steel Exchange 1805 contract on Thursday April 19, while Jinchuan traded at a premium of 400 yuan/mt, SMM learned.

Jinchuan offered nickel plate at 105,800 yuan/mt.

Traders made offers actively due to ample supply. As nickel futures prices surged overnight, downstream consumers held back their purchases. Trading was thin, with most transactions done at 105,800-106,200 yuan/mt.

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