Premiums of Pure Nickel Continued to Fall amid the End of the Month

SHANGHAI, July 29 (SMM) - In the spot market, on July 29, Jinchuan nickel were quoted at 6,000-6,500 yuan/mt, with an average price of 6,250 yuan/mt, down 1,400 yuan/mt from the previous trading day. NORNICKEL nickel premiums were quoted at 4,000-4,300 yuan/mt, with an average of 4,150 yuan/mt, down 1,450 yuan/mt from the previous trading day. Traders generally declined the premiums to ship amid the end of the month. In addition, the sufficient overseas pure nickel supply also limited the domestic pure nickel prices. In terms of nickel briquette, the price of nickel briquette was 178,000-179,000 yuan/mt, up 1,000 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.