Nickel Prices Rose and the Spot Transactions were Poor

SHANGHAI, July 25 (SMM) - As the US inflation data in June was higher than expected, the market was worried about the Fed raising interest rate hike by 100 basis points. Therefore, the prices of pure nickel fell sharply. However, the Fed officials said that the next interest rate hike may be at 75 basis points, hence the prices of non-ferrous metals rebounded. In terms of fundamentals, affected by the high futures prices, the spot premiums continued to fall and the Jinchuan nickel was in premiums over NORNICKEL nickel. As the price spread narrowed, traders were more willing to pick up goods. As of last Thursday night, the SHFE/LME price ratio rose to 7.89, hence the customs clearance of overseas pure nickel was relatively optimistic last week. On the demand side, the superalloy industry maintained the demand for Jinchuan nickel plates. In addition, the demand for NORNICKEL nickel for civilian alloy improved due to the decline in futures prices a week ago. In terms of nickel briquette, nickel briquette prices were still higher than nickel sulphate. In addition, nickel briquette prices were not low enough for the alloy and stainless steel industries to purchase nickel briquette in large quantities, hence the spot transactions were poor last week.