SHANGHAI, Oct 10 (SMM) - In the spot market, pure nickel prices were quoted against SHFE 2211 starting from October 10. Jinchuan nickel was in premiums of 9,000-95,000 yuan/mt today, with an average of 9,250 yuan/mt and up 2,750 yuan/mt from the last trading day. NORNICKEL nickel was in premiums of 4,000-4,500 yuan/mt, with an average of 4,250 yuan/mt, up 2,800 yuan/mt from the previous trading day.
Though LME nickel rebounded during National Day holiday, LME nickel dropped after opening low today. Spot premiums changed little compared with September 30 after excluding the influence of SHFE 2210 and 2211 spread. In addition, the traders had low inventory after quoting over SHFE 2211, and the sources of Jinchuan nickel were scarce today.
For nickel briquette, the prices stood between 180,000-181,100 yuan/mt, down 7,250 yuan/mt from the previous trading day. The cost efficiency of nickel sulphate produced with briquette fell again, with rare transactions in the market.
