SMM Nickel Market Morning Comment (Dec 13)

Spot Premiums/Discounts: The mainstream spot premiums for Jinchuan #1 nickel ranged from 3,900 to 4,000 yuan/mt, with an average of 3,950 yuan/mt, up 350 yuan from the previous trading day. The spot premiums for Russian nickel ranged from -300 to -100 yuan/mt, with an average of -200 yuan/mt, down 75 yuan from the previous trading day.

Futures Market: On December 12, nickel prices led a significant rise in the non-ferrous sector in the morning. The closing price at noon ranged from 3,590 yuan/mt to 128,950 yuan/mt, with an increase of 2.86%. The average price of SMM # 1 refined nickel rose by 2,425 yuan to 129,400 yuan/mt, an increase of 1.91%.

Spot Market: Adjustments were made to Indonesia's nickel resource policy, coupled with favorable domestic macro policies, leading to a significant rise in SHFE nickel yesterday, reaching a price point with strong resistance. In terms of spot premiums/discounts, this week's Jinchuan brand nickel spot supply was relatively tight, with continued increases in premiums/discounts, while changes in other brand nickel plates were relatively small. The rise in nickel prices led to a weakening in spot transactions for the day.

Price Spread with Nickel Sulphate: The price of nickel briquettes ranged from 126,800 to 127,400 yuan/mt, up 2,300 yuan/mt from the previous trading day. The price spread between refined nickel and nickel sulphate was 7,100 yuan/mt.