Spot premiums/discounts: The mainstream premium for Jinchuan #1 nickel was 3,500-3,700 yuan/mt, with an average of 3,600 yuan/mt, up 500 yuan compared to the previous trading day. The spot premium for Norilsk nickel was -250-0 yuan/mt, with an average of -125 yuan/mt, unchanged from the previous trading day.
Futures market: On December 11, following a decline in SHFE nickel prices during the night session, nickel prices maintained a sideways movement in the morning with strong support. The midday closing price fell 1,600 yuan/mt to 125,500 yuan/mt, a decrease of 1.26%.
Spot market: Following a decline in SHFE nickel prices in the evening, nickel prices maintained a fluctuating trend throughout the day with strong support. Currently, numerous macro benefits are in a tug-of-war with persistently bearish fundamentals. After yesterday's decline in nickel prices, spot premiums/discounts immediately rebounded. Looking ahead, nickel prices face significant upward resistance due to poor fundamentals.
Nickel sulphate price spread: Nickel briquette prices were 124,600-125,000 yuan/mt, down 1,900 yuan/mt from the previous trading day. The price spread between refined nickel and nickel sulphate was 4,800 yuan/mt.
![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)
