SHANGHAI, Jun 29 (SMM) – Nickel spot premiums in the Shanghai market continued to shrink on Friday June 29 as traders were keen to offload their cargoes, SMM learned.
Norilsk nickel traded at a premium of about 50 yuan/mt over the Wuxi Stainless Steel Exchange 1807 contract, compared to a premium of 200 yuan/mt in the previous day. Jinchuan traded at a premium of about 300 yuan/mt, compared to a previous premium of 400 yuan/mt.
Jinchuan lowered its offer of nickel plate by 200 yuan/mt to 116,700 yuan/mt.
The approaching of the month-end fuelled traders’ selling interest. Besides, some traders expected cargo inflows from the bonded area to weigh on the market after an import arbitrage window opens. This also pushed some traders to offload their cargoes.
Additionally, producers were keen to offload their cargoes to repay loan interest towards the mid-year.