Spot nickel in Shanghai see modest purchases as futures weaken

SHANGHAI, Apr 20 (SMM) – Norilsk nickel in the Shanghai market traded at a premium of 300 yuan/mt against the Wuxi Stainless Steel Exchange 1805 contract on Friday April 20, while Jinchuan traded at a premium of 500 yuan/mt, SMM learned.

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

Traders were relatively keen to make offers. As nickel futures prices declined overnight, downstream consumers made modest purchases and some traders stockpiled. Most transactions were done at 104,800-105,800 yuan/mt.

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