SHFE Nickel Rebounded Slightly with Weak Inquires and Transactions

SHANGHAI, Apr 27 (SMM) - As the recent futures prices have deviated from the spot fundamentals, SMM has suspended the premium and discount quotations for 1# Jinchuan nickel, 1# imported nickel and nickel briquette. According to the actual research, SMM 1# refined nickel, 1# Jinchuan nickel and 1# imported nickel were normally quoted. This notice is in accordance with IOSCO standards. In the spot market, Jinchuan nickel quoted at 230,100-233,000 yuan/mt, with an average price of 231,550 yuan/mt, up 4,050 yuan/mt from yesterday. Quotations of NORNICKEL nickel stood at 227,300-228,000 yuan/mt, with the average price of 227,650 yuan/mt, up 5,950 yuan/mt from yesterday. Nickel briquette quoted at 227,300-228,000 yuan/mt, with an average price of 227,650 yuan/mt, up 5,950 yuan/mt from yesterday. The price increase was mainly due to a small rebound in the late trading of yesterday. In addition, the spot premiums in Shanghai market rose while the transactions and inquiries were not as good as that in previous days. The demand for nickel briquette from nickel salt mills weakened with few transactions.