SMM, May 22:
Today, SMM1 Electrolytic Nickel quoted price 100400 won 101400 yuan / ton. Yesterday, Shanghai Nickel plunged sharply in late trading. Shortly after the morning trading was revised to 104000 yuan / ton, it continued to fall until it fell above 100, 000 yuan and then a weak shock. In the spot market, enquiries were active but only sporadic transactions were made after the morning opening, and the transaction gradually warmed up after the nickel price fell to around 100400 yuan. Although there is no large order purchase in the steel mill in the morning, the sharp drop in nickel price still stimulated the enthusiasm of terminal consumption, and the total volume of transactions in the morning market was OK. Russo Nickel to Shanghai Nickel 2007 contract quoted 100 yuan / ton to Pingshui, Pingshui quotation is more mainstream, downstream goods are also mostly traded near Pingshui. Jinchuan Nickel to Shanghai Nickel 2007 contract rose 1, 000 RMB1, 100 per ton. In the morning, some consignors reported a rise of 1200 yuan / ton, which made it difficult to ship goods, so there was a small price adjustment subsequently, but due to tight supply, Jinchuan Shengshui had limited room for downward adjustment. Today, the ex-factory price of Jinchuan is 101500 yuan / ton, and the manufacturers have shipped about a few hundred tons in Gansu, but due to the weakening futures price, it is expected to have no impact on the Jinchuan nickel premium market for the time being. The price for nickel beans is still 900 yuan / ton.
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