Futures Prices Continue to Decline [SMM Nickel Spot Midday Review]

SMM February 11 News:

Spot Premiums/Discounts: 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 50 yuan compared to the previous trading day. Russian nickel premiums/discounts were quoted in the range of -200 to 0 yuan/mt, with an average premium of -100 yuan/mt, down by 100 yuan compared to the previous trading day.

Futures: Nickel prices opened lower in the morning, with a decline of 1.7%, reaching a low of 124,820 yuan.

Spot Premiums/Discounts: The premiums for Jinchuan-brand nickel saw a slight downward adjustment compared to yesterday, possibly influenced by the strengthening of the US dollar overseas and the Trump administration's tariffs on steel and aluminum imports, which heightened market uncertainty. The spot premiums/discounts for other nickel plate brands in the spot market showed relatively small changes overall.

Today's nickel prices opened lower within the range. The premiums for Jinchuan-brand nickel showed slight loosening. The spot premiums/discounts for other nickel plate brands remained largely stable this month. From a technical perspective, the SHFE nickel 2503 contract closed below the 20-day moving average and exhibited a downward trend, with the short-term domestic market being bearish and shorts slightly dominating.

Price Spread with Nickel Sulphate: Today's nickel briquette prices were in the range of 124,150-124,650 yuan/mt, with an average price of 124,400 yuan/mt, down by 1,775 yuan/mt compared to the previous trading day's spot price. Nickel sulphate remained at a discount to refined nickel.