SHFE Nickel Fluctuates and Declines on the First Trading Day After the Holiday [SMM Nickel Spot Midday Review]

Published: Feb 5, 2025 20:14

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[First Trading Day After the Holiday, SHFE Nickel Fluctuated and Declined] Today, the mainstream spot premiums for Jinchuan No. 1 nickel were quoted in the range of 2,200-2,800 yuan/mt (2503 contract), with an average premium of 2,500 yuan/mt, up by 150 yuan compared to the previous trading day.

SMM, February 5: Spot premiums/discounts: Today, the mainstream spot premiums for Jinchuan No.1 nickel were quoted in the range of 2,200-2,800 yuan/mt (2503 contract), with an average premium of 2,500 yuan/mt, up by 150 yuan compared to the previous trading day. Russian nickel premiums/discounts were quoted in the range of -200 to 100 yuan/mt (2503 contract), with an average premium/discount of -50 yuan/mt, up by 50 yuan compared to the previous trading day. Futures: In the morning, nickel prices fell by 770 yuan to 123,300 yuan, a decrease of 0.62%. On the first trading day after the Chinese New Year holiday, nickel futures prices fluctuated and declined during the morning session, with the most-traded contract closing at 123,300 yuan in the morning. During the holiday, there was almost no trading activity in the market, and the impact of the spot market on prices weakened. However, on the supply side, domestic medium and large-scale refined nickel producers maintained normal production during the holiday, with no significant reduction in output. Overall, the nickel market was quiet during the Chinese New Year holiday, and price fluctuations were mainly influenced by the overseas market and macro factors. Under the surplus in supply and demand, nickel prices are expected to remain volatile in the short term. Regarding the price spread with nickel sulphate: Today, nickel briquette prices were in the range of 122,900-123,400 yuan/mt, down by 250 yuan/mt compared to the previous trading day's spot prices. Nickel sulphate remains at a discount to refined nickel.

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