SMM Nickel Market Morning Comment (Dec 23)

Last week, nickel prices fluctuated, with the spot prices at 122,000-131,000 yuan/mt and SHFE nickel at 121,000-129,000 yuan/mt. During the week, under the combined influence of the US Fed's economic policies and the decline in premiums for nickel ore, nickel prices continued to fall steadily.

In the spot market: Last week, the continued decline in nickel prices, coupled with a slight tightening of domestic spot supply, drove up the spot premiums for some domestic brand refined nickel during the week. If nickel prices continue to decline, spot premiums may remain high and stable in the short term.