Spot Premiums/Discounts: Today, the mainstream spot premiums for Jinchuan No.1 nickel were quoted in the range of 2,000-2,400 yuan/mt, with an average premium of 2,200 yuan/mt, down by 500 yuan compared to yesterday. Russian nickel premiums/discounts were quoted in the range of -300 to 0 yuan/mt, with an average of -150 yuan/mt, unchanged from yesterday.
Futures: In the morning, nickel prices fell by 40 yuan to 127,480 yuan, a decrease of 0.03%. Today's futures market saw a fluctuating downward trend, but futures prices remained at high levels. In terms of market transactions, as year-end approaches, downstream enterprises are expected to begin their holidays next week, leading to weak purchase willingness. Consequently, with sluggish market transactions, Jinchuan nickel premiums accelerated their decline today, with the average premium dropping to 2,300 yuan/mt. On the supply side, producers maintained high operating rates, ensuring ample supply. Under the surplus in supply and demand, Jinchuan nickel premiums/discounts are expected to decline further in the short term. Nickel prices are also expected to maintain a fluctuating trend.
Price Spread with Nickel Sulphate: Today, nickel briquette prices ranged from 126,900 to 127,250 yuan/mt, down by 125 yuan/mt compared to the previous trading day's spot prices. Nickel sulphate remains at a discount to refined nickel.
![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)
