SMM Nickel Market Morning Comment (Nov 29)

Spot premiums/discounts: The mainstream spot premium for Jinchuan #1 nickel was 3,000-3,500 yuan/mt, with mainstream market transaction premiums concentrated at 3,000-3,200 yuan/mt. The average premium was 3,100 yuan/mt, unchanged from the previous trading day. Norilsk nickel spot premiums were -200-100 yuan/mt, with an average discount of 50 yuan/mt, up 50 yuan from the previous trading day.

Futures market: On November 27, following low-level fluctuations during the night session, SHFE nickel prices saw a slight increase in the morning. The midday closing price rose by 430 yuan/mt to 126,920 yuan/mt, an increase of 0.34%.

Spot market: In the morning, spot premiums for Jinchuan brand nickel plates in east and south China remained unchanged. Jinchuan nickel premiums were still at a relatively high level, and the discount range for domestically produced electrodeposited nickel also remained narrow. In terms of actual transactions, year-end downstream demand did not show a significant increase, and spot trading volumes did not exhibit a clear upward trend. The adjustment in spot nickel plate premiums/discounts was more due to short-term supply-demand mismatch rather than demand improvement. The upward movement of refined nickel prices will continue to face resistance.

Nickel briquette prices were 125,400-126,400 yuan/mt (out of stock), up 750 yuan/mt from the previous day.