SHANGHAI, May 16 (SMM) - On May 16, premiums of Jinchuan nickel were 10,800-11,500 yuan/mt. The average premium stood at 11,150 yuan/mt, down 100 yuan/mt from the previous trading day. Premiums of NORNICKEL nickel stood at 6,200-6,800 yuan/mt. The average premium was 6,500 yuan/mt, an increase of 250 yuan/mt from the previous trading day, because the low-priced spots were sold out. Spot trades were acceptable since the absolute prices were relatively low. Nickel briquette prices were 171,300-171,900 yuan/mt, down 2,600 yuan/mt from the previous trading day. The nickel briquette transactions were slack as it was still traded at premiums over nickel sulphate.