SMM Nickel Market Morning Comment (Nov 21)

On November 20, Jinchuan nickel was quoted at a premium of 2,300-2,500 yuan/mt, with an average of 2,400 yuan/mt, up 50 yuan compared to the previous trading day. Norilsk nickel was quoted at a discount of 100 yuan/mt to a premium of 100 yuan/mt, with an average discount/premium of 0 yuan/mt, up 25 yuan compared to the previous trading day. On the morning of November 20, the futures market fluctuated upward, and spot premiums saw a slight increase compared to the previous working day. Nickel briquette prices were 125,600-126,100 yuan/mt (in short supply), up 1,375 yuan/mt compared to the previous trading day. The price spread between nickel sulphate and nickel briquette was approximately 5,395 yuan/mt (nickel sulphate prices were 5,395 yuan/mt lower than nickel briquette prices).