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[SMM Nickel spot Weekly Review] the spot trading atmosphere this week is not good. Russo Nickel discount expands Jinchuan Nickel rising Water to keep stable.
May 29,2020 18:36CST
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Source:SMM
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SMM, May 29th:

The current cycle of nickel almost sideways volatility, and the week SMM1 nickel spot quotation also held steady at 100,100Mel 101950 yuan / ton. After the month-change of the main force of nickel in the middle of the week, the spot is still quoted for the Shanghai Nickel 2007 contract. Spot trading atmosphere this week is significantly less than last week, Russo nickel discount gradually expanded. On Monday, Russo Nickel was still quoted between 100 yuan / ton and Pingshui for the 07 contract, but due to poor downstream demand, imports continued to enter the spot market, so that the holder had to continuously lower the quotation. It is reported that until this Friday, it is difficult to ship Russian nickel with 200 yuan / ton. It is expected that imported nickel plates will continue to enter the country next month, and the Russian nickel discount may continue to be maintained at 200 Mel 300 yuan / ton. Jinchuan Nickel is trading at 1,000,200 yuan / ton for 2007 contracts this week. Although downstream consumption has weakened, Jinchuan Nickel has held firm this week because manufacturers continue to have no goods in Shanghai and traders can only receive limited supplies in Gansu every day. In terms of nickel beans, the discount to Shanghai nickel has been expanded to 1100tel 1000 yuan / ton. On the one hand, due to the limited downstream demand, on the other hand, nearly a thousand tons of original nickel beans have been declared to enter China within the week, and it is expected that the discount will still be reduced.

 

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