SHANGHAI, Dec 5 (SMM) – Spot nickel trading activity in Shanghai in the morning of Wednesday December 5 improved from Tuesday as prices of nickel tumbled, SMM research found.
Russian nickel traded in discounts of 250-200 yuan/mt against the December contract on the Wuxi Stainless Steel Exchange, unchanged from Tuesday. Jinchuan materials traded in premiums of 8,000 yuan/mt over the 1812 contract, down from 8,300 yuan/mt in the previous day.
As prices fell, purchasing enthusiasm among downstream consumers improved. With limited supplies, prices of Jinchuan materials remained high and this deterred alloy electroplating plants from purchasing.
Most spot nickel transactions occurred at 90,500-98,600 yuan/mt in Shanghai on Wednesday morning.