Nickel Spot Market was Sluggish due to the Pandemic in China

SHANGHAI, May 6 (SMM) - SHFE 2206 nickel contract hovered around 213,800 yuan/mt in early trading. In the spot market, premiums of Jinchuan nickel were 222,300-223,600 yuan/mt. The average price was 222,950 yuan/mt, 7,400 yuan/mt lower than the previous trading. Quotes of both NORNICKEL nickel and nickel briquette were 220,300-221,100 yuan/mt, with an average price of 220,700 yuan/mt, down 7,900 yuan/mt from the previous trading day. Spot quotes rose slightly today. The premiums of Jinchuan nickel were 8,500-9,000 yuan/mt, with an average price of 8,750 yuan/mt, 500 yuan/mt higher than yesterday. Premiums of NORNICKEL nickel stood at 6,500 yuan/mt, flat from yesterday. Quotes of pure nickel lowered today mainly because the pandemic in China cut the operating rates of the manufacturing industry and further weakened the demand. Besides, the prices of nickel briquette were much higher than nickel sulphate. At present, nickel briquette is mainly used in the alloy factory industry.

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