SMM Afternoon Comment on Nickel Spot-The Refined Nickel Premium Declined amid Weak Demand and the End of the Month

SHANGHAI, Apr 22 (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 242200- 244000 yuan/mt, with an average price of 243100 yuan/mt, up 2750 yuan/mt from a day ago. NORNICKEL nickel was offered at 242,200- 243,200 yuan/mt, and the average price was 242,700 yuan/mt, 3400 yuan/mt higher than the previous day. Nickel briquette was quoted at 237,000- 239,500 yuan/mt today, with an average price of 238,250 yuan/mt, flat from a day ago. Today, Jinchuan nickel and NORNICKEL nickel prices rose mainly due to the rise of the futures and the decline of the premium compared with yesterday. The decline in premium was mainly due to the weak demand and weak transactions. Secondly, the futures have shown an upward trend for many days, so that the downstream were in fear of the high prices. In addition, at the end of the month, traders cut the premium to ship eagerly due to the beginning of the new month. Today, the premium quotation in Shanghai fell generally. In terms of nickel briquette, there was little procurement in the downstream due to the high futures prices. Traders have suspended trading, so there was no premium quotation for nickel briquette.