SHANGHAI, Jun 25 (SMM) – Spot nickel trading in Shanghai on Monday June 25 was thinner than the level seen at the start of last week as downstream consumers took a watch-and-wait stance on high futures prices, SMM learned.
Downstream consumers purchased large amounts when prices of futures retreated last week.
Most transactions in Shanghai were heard at 117,450-117,700 yuan/mt on Monday. Norilsk nickel traded at a premium of about 500 yuan/mt against the Wuxi Stainless Steel Exchange 1807 contract, while Jinchuan traded at a premium of about 600 yuan/mt.
Jinchuan raised its offer of nickel plate by 1,000 yuan/mt from level seen last Friday, to 117,600 yuan/mt.