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Higher prices, tax cuts sideline downstream spot nickel buyers
Norilsk nickel traded at a premium of 2,600 yuan/mt over the Apr contract on the Wuxi Stainless Steel Exchange
SHANGHAI, Mar 27 (SMM) – Spot nickel trades in Shanghai remained poor on Wednesday morning as higher prices of futures and the upcoming tax cuts sidelined downstream buyers.
In Shanghai, Norilsk nickel traded at a premium of 2,600 yuan/mt over the April contract on the Wuxi Stainless Steel Exchange this morning, unchanged from Tuesday.
Premiums of Jinchuan materials came in at 3,200-3,400 yuan/mt, lower than 3,000-3,100 yuan/mt in the previous morning.
Jinchuan offered cargoes at 104,200 yuan/mt ex-factory this morning, up 1,000 yuan/mt from Tuesday.
Spot nickel deals were mostly heard at 103,800-104,400 yuan/mt in Shanghai on Wednesday morning.
Market commentary
Nickel
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