Premiums of Spot Prices Further Declined due to High Pure Nickel Futures Prices

SHANGHAI, July 26 (SMM) - In the spot market, on July 26, Jinchuan nickel were quoted at 11,000-12,000 yuan/mt, with an average price of 11,500 yuan/mt, down 2,350 yuan/mt from the previous trading day. NORNICKEL nickel premiums were quoted at 10,000-10,500 yuan/mt, with an average of 10,250 yuan/mt, down 1,500 yuan/mt from the previous trading day. Due to the high futures prices, the market transactions were lower than expected and the premiums of pure nickel narrowed. In terms of nickel briquette, the price of nickel briquette was 177,500-179,000 yuan/mt, up 2,950 yuan from yesterday, mainly because the premiums narrowed. In addition, as the economy effectiveness of nickel briquette was lower than intermediate products and nickel plates were currently the mainstream alloys raw materials nickel plate, the spot transaction of nickel briquette was poor.