SHANGHAI, Sep 11 (SMM) – Transactions of spot refined nickel remained tepid in Shanghai in the morning of Wednesday September 11, as high prices kept downstream consumers cautious about making purchases.

Russian nickel was quoted in a discount of a maximum of 100 yuan/mt against the nickel contract on the Shanghai Futures Exchange for October delivery. Sellers held their discount stable this week, as the arbitrage window remained closed.    

The premiums for Jinchuan materials over the SHFE 1910 contract also little changed at 200-300 yuan/mt.

The producer Jinchuan did not change its offer today, at 143,000 yuan/mt, ex-factory, for the Shanghai market, and saw trades mostly done at 143,000-143,300 yuan/mt.

SHFE nickel dropped by midday, but spot trades failed to improve.