SHANGHAI, Jun 21 (SMM) – Purchasing interest among downstream consumers in Shanghai's spot nickel market cooled on Thursday June 21 from June 20, as most market participants believed that prices of futures would decrease further, SMM learned.
Prices of futures rose in the morning and spot premiums edged down 100 yuan/mt from the previous day. Downstream consumers were keen to inquire about prices but held back from purchasing in anticipation of further declines.
On Thursday June 21, most transactions in Shanghai were heard at 116,050-116,450 yuan/mt. Norilsk nickel traded at a premium of about 600 yuan/mt against the Wuxi Stainless Steel Exchange 1807 contract, while Jinchuan traded at a premium of about 700 yuan/mt.
Jinchuan raised its offer of nickel plate by 2,400 yuan/mt, to 116,400 yuan/mt.