Nickel Prices to Rangebound Today

SHANGHAI, Apr 14 (SMM) - Near the delivery of the SHFE 2304 contract, most traders included the NORNICKEL nickel spot in their warrant delivery, hence the premiums stood firm yesterday. The suppliers of Jinchuan nickel were much more willing to ship, dragging down the premiums. NPI plants held their prices firm. Recently, the transactions between traders and NPI plants have increased. Market players generally remained bullish. On the demand side, according to SMM research, the spot stainless steel transactions became sluggish yesterday, and the premiums dropped slightly amid falling futures prices. SMM expects the spot stainless steel prices to be stable with some drops in the short term. Nickel prices still bear pressure from the macro front, and SMM presumes that the prices will move rangebound.