SMM Nickel Market Morning Comment (Jun 21)

On June 20, Jinchuan nickel was at a premium of 2,700-3,000 yuan/mt, with an average of 2,850 yuan/mt, down 50 yuan/mt compared to the previous trading day. Russian nickel was at a discount of 300 yuan/mt to a premium of 100 yuan/mt, with an average discount up 50 yuan/mt to 100 yuan/mt. In the morning, the market saw a slight upward movement due to macro fluctuations but remained at a recent low. On the other hand, the shortage of electro-deposited nickel in the spot market continued, and the premiums and discounts for various brands remained firm. The price of nickel briquette was 133,450-133,700 yuan/mt, up 1,225 yuan/mt compared to the previous trading day. The price spread between nickel briquette and nickel sulphate was about 3,925 yuan/mt (nickel sulphate prices were 3,925 yuan/mt higher than nickel briquette prices).