Nickel Prices Rebounded and Spot Transactions were Thin

SHANGHAI, Jan 19 (SMM) - In the spot market, the most traded SHFE nickel contract changed to SHFE 2302 contract. The premiums of Jinchuan nickel were quoted at 11,000-12,000 yuan/mt, with an average price of 11,500 yuan/mt, up 1,000 yuan/mt from the previous trading day. NORNICKEL nickel was quoted at premiums of 5,500-6,500 yuan/mt, with an average of 6,000 yuan/mt, down 700 yuan/mt from a day ago. Affected by funds, SHFE nickel prices rose. Although the premiums fell, the spot prices rebounded. In terms of nickel briquette, the prices were 215,900-216,900 yuan/mt, an increase of 6,500 yuan/mt from a day ago. The nickel briquette prices were still higher than that of nickel sulphate, hence the spot transaction of nickel briquette was weak.