SMM Nickel Market Morning Comment (Jul 5)

On July 4, Jinchuan nickel was at a premium of 800-1,200 yuan/mt, with an average of 1,000 yuan/mt, down 350 yuan/mt compared to the previous trading day. Russian nickel was at a discount of 0-500 yuan/mt, with an average of 250 yuan/mt, down 50 yuan/mt compared to the previous trading day. In the morning, as the market fluctuated upward, downstream purchasing willingness decreased. The circulating supply of various brands in the domestic spot market increased, leading to a decline in premiums for all brands. Nickel briquette prices were 136,200-136,600 yuan/mt, up 1,400 yuan/mt compared to the previous trading day. The price spread between nickel briquette and nickel sulphate was about 6,855 yuan/mt (nickel sulphate prices were 6,855 yuan/mt lower than nickel briquette prices).