SMM Nickel Market Morning Comment (Oct 30)

On October 29, Jinchuan nickel was quoted at a premium of 1,600-1,800 yuan/mt, with an average of 1,700 yuan/mt, up 150 yuan/mt from the previous trading day. Norilsk nickel was quoted at a discount of 200-0 yuan/mt, with an average of 100 yuan/mt, up 50 yuan/mt from the previous trading day. On the morning of October 29, the futures market fluctuated, and spot premiums slightly increased compared to the previous working day, mainly due to the overall decline in nickel prices. Nickel briquette prices were 123,300-123,600 yuan/mt (in short supply), down 2,300 yuan/mt from the previous trading day. The price spread between nickel briquette and nickel sulphate was about 982 yuan/mt (nickel sulphate prices were 982 yuan/mt higher than nickel briquette prices).