SMM Nickel Morning Comment (Dec 26)

Published: Dec 26, 2024 09:30
Source: SMM
The mainstream spot premiums for Jinchuan #1 nickel were 4,000-4,400 yuan/mt, with an average of 4,200 yuan/mt, down 200 yuan compared to the previous trading day.

Spot Premiums/Discounts: The mainstream spot premiums for Jinchuan #1 nickel were 4,000-4,400 yuan/mt, with an average of 4,200 yuan/mt, down 200 yuan/mt compared to the previous trading day. The spot premiums for Norilsk nickel were -200-0 yuan/mt, with an average of -100 yuan/mt, down 50 yuan/mt compared to the previous trading day.

Futures Market: In the morning, nickel prices fluctuated at low levels, rising by 770 yuan/mt to 125,470 yuan/mt, an increase of 0.6%.

Spot Premiums/Discounts: Following the decline in the night session, nickel prices once again reached a short-term low. The premiums for Jinchuan-branded nickel were raised again. Although the sentiment of short-term supply tightens was alleviated, the tight availability of spot cargo in the market persisted. The spot premiums/discounts for other brands of nickel plates in the spot market showed relatively small changes overall.

Yesterday, nickel prices fluctuated within a range, continuing the upward trend from the previous trading day's daytime session. The premiums for Jinchuan-branded nickel remained largely stable at high levels, but as the sentiment of short-term supply tightens was gradually digested by the market, the premiums showed slight loosening. The spot premiums/discounts for other brands of nickel plates remained largely stable this month. This week, nickel prices overall fluctuated upward, while the sentiment for low-price restocking among downstream buyers weakened, and market transactions turned cold again in the past two days.

Price Spread with Nickel Sulphate: Nickel briquette prices were in the range of 124,750-125,150 yuan/mt, up 1,250 yuan/mt compared to the previous trading day. Nickel sulphate remained at a discount to refined nickel.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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