There was Shortage in Market Pure Nickel Supply, and the Futures Prices Rise Significantly as the Premium was Firm[SMM Afternoon Comment on Nickel]

SHANGHAI, Apr 19 (SMM) - As the recent futures prices have deviated from the spot supply and demand pattern, SMM now suspended offering premium/discount quotations of 1# Jinchuan nickel, 1# imported nickel and nickel briquette. SMM prices of 1# refined nickel, 1# Jinchuan nickel, 1# imported nickel are available as usual. This notice complies with IOSCO standards. In the spot market, Jinchuan nickel were quoted at 247,000- 249,500 yuan/mt, with an average price of 248,250 yuan/mt, up 9,750 yuan/mt from a day ago. NORNICKEL nickel was offered at 246,200- 248,200 yuan/mt, and the price was 12,300 yuan/mt higher than the previous day. Nickel briquette was quoted at 237,000- 239,500 yuan/mt, with an average price of 238,250 yuan/mt, down 250 yuan/mt from yesterday. At present, domestic nickel was in shortage. The production reduction of domestic manufacturers and import losses gave strong support to the nickel prices. The six-day increase of SHFE nickel contract also reflects the current tight domestic supply. At present, SHFE nickel is expected to repair the internal and external price spread by increasing the price, so as to open the import window.