Nickel prices continue to decline, with the market fluctuating downward [SMM Nickel Spot Noon Review]

SMM February 12 News:

Spot Premiums/Discounts: The mainstream spot premiums for Jinchuan No.1 nickel were quoted in the range of 2,000-2,100 yuan/mt, with an average premium of 2,050 yuan/mt, down by 150 yuan compared to the previous trading day. Russian nickel premiums/discounts were quoted in the range of -200 to 100 yuan/mt, with an average premium of -50 yuan/mt, up by 50 yuan compared to the previous trading day.

Futures: Nickel prices opened lower in the morning, declining by 1.15%, with a low of 123,840 yuan.

Spot Premiums/Discounts: The premiums for Jinchuan-branded nickel saw a slight downward adjustment, influenced by overseas factors such as the amplified macro sentiment volatility due to the continued uncertainty of Trump’s policies, as well as the surplus pressure in the nickel fundamentals. The spot premiums/discounts for other nickel plate brands in the spot market showed relatively small changes overall.

Nickel prices opened lower and operated within a narrow range today. The premiums for Jinchuan-branded nickel showed slight loosening. The spot premiums/discounts for other nickel plate brands remained largely stable this month. Attention is on the progress of the Philippines' proposed nickel ore export ban. In the short term, nickel prices may fluctuate with sentiment, with the most-traded contract expected to operate in the range of 120,000-130,000 yuan.

Price Spread with Nickel Sulphate: Today, nickel briquette prices were in the range of 123,850-124,250 yuan/mt, with an average price of 124,050 yuan/mt, down by 2,125 yuan/mt compared to the previous trading day's spot price. Nickel sulphate remained at a discount to refined nickel.