Futures Market Continues to Rise, Jinchuan Nickel Premiums Continue to Pull Back [SMM Nickel Spot Midday Review]

Published: Jan 9, 2025 17:30

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[Futures Market Continued to Rise, Jinchuan Nickel Spot Premiums Continued to Pull Back] Today, the mainstream spot premiums for Jinchuan No.1 nickel were quoted in the range of 3,000-3,300 yuan/mt, with an average premium of 3,150 yuan/mt, down by 300 yuan. The spot premiums/discounts for Russian nickel were quoted in the range of -200 to 100 yuan/mt, with an average premium/discount of -50 yuan/mt, flat YoY.

Spot Premiums/Discounts: Today, the mainstream spot premiums for Jinchuan No.1 nickel were quoted in the range of 3,000-3,300 yuan/mt, with an average premium of 3,150 yuan/mt, down by 300 yuan. Russian nickel premiums/discounts were quoted in the range of -200 to 100 yuan/mt, with an average of -50 yuan/mt, flat YoY.
Futures: In the morning, nickel prices rose by 600 yuan to 125,170 yuan, an increase of 0.48%.
Today's futures market continued to rise, but with sluggish market transactions, Jinchuan brand nickel premiums continued to pull back, with the average premium falling to 3,150 yuan/mt. Demand side, overall market transactions have been relatively sluggish recently. Supply side, overall production supply remains sufficient. With a loose supply and demand situation, nickel prices are expected to continue fluctuating downward in the short term.
Price Spread with Nickel Sulphate: Today, nickel briquette prices were 124,600-124,900 yuan/mt, up by 100 yuan/mt compared to the previous trading day's spot price. Nickel sulphate remains at a discount to refined nickel.

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