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

Published: Jan 09, 2025 17:30 (GMT+8)

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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.

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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