LME Nickel Stopped Trading, SHFE Nickel Continued to Reach Limit Up [SMM Nickel Daily Review]

SHANGHAI, Mar 9 (SMM) - On March 9, SHFE 2204 nickel reached its limit up at 267,700 yuan/mt today, while LME began to implement a series of measures since yesterday to curb the disorderly rise of nickel contract. However, due to the substantial surge in LME a few days ago, SHFE nickel maintained relatively strong momentum today.

Spot: There was no quotation or transaction in the spot market today. It was difficult for traders and manufacturers to make quotations for shipment while as the current prices were high, and downstream purchases were also suspended. SMM adjusted the premiums based on the comprehensive survey of upstream and downstream and the collective inquiry of market traders, and the premiums of Jinchuan nickel and Norilsk nickel remained the same under extreme market conditions, with premiums of 20,000-30,000 yuan/mt over the April contract.

Nickel briquette: There were no quotations or transactions. But the nickel briquette faced more tense supply shortage. Considering the import losses and the recent high premiums of briquettes, the quotations for premiums stood at 30,000-40,000 yuan / mt today.

To be focused: US Fed’s interest rate hike; progress of nickel matte project in Tsingshan Park in Indonesia; geopolitical situation in Ukraine and Russia.