SHANGHAI, Jun 27 (SMM) – Nickel spot premiums in the Shanghai market were lower on Wednesday June 27 from the level seen the previous day as futures rose.
Some traders lowered their offers to offload their cargoes as they were bearish on future nickel prices, SMM learned.
Downstream consumers, however, took a watch-and-wait stance as they had stockpiled sufficiently.
Most transactions in Shanghai were heard at 115,250-115,550 yuan/mt on Wednesday. Norilsk nickel traded at a premium of about 300 yuan/mt against the Wuxi Stainless Steel Exchange 1807 contract, compared to a premium of 500 yuan/mt in the previous day. Jinchuan traded at a premium of about 500 yuan/mt.
Jinchuan offered its nickel plate at 115,800 yuan/mt.