Nickel Prices to Bear Pressure from Inflow of Imported Spots

SHANGHAI, May 26 (SMM) - NORNICKEL nickel premiums rose further on shrinking market supply. SMM presumes that the supply tightness will not be eased until next week. Almost all NPI factories stopped quoting and took a wait-and-see approach. Stocks held by traders keep growing due to the arrivals of imported spots delivered for long-term orders. On the demand side, according to SMM research, some agents bought some spot stainless steel, but the end demand did not pick up significantly. Recently, as the futures prices continued to fall, prices of spots delivered for warrants stood lower than those of the market sources, which, coupled with the stainless steel mills' reduction in shipments, drove down the social inventory. Nickel prices may bear some pressure from the inflow of imported goods.