SMM Nickel Market Morning Comment (Oct 31)

On October 30, Jinchuan nickel was quoted at a premium of 1,700-1,900 yuan/mt, with an average of 1,800 yuan/mt, up 100 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, remaining unchanged from the previous trading day. On the morning of October 30, 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 123,500-123,700 yuan/mt (in short supply), up 150 yuan/mt from the previous trading day. The price spread between nickel briquette and nickel sulphate was about 936 yuan/mt (nickel sulphate prices were 936 yuan/mt higher than nickel briquette prices).