Nickel Price Fluctuations: Opened Higher in the Morning Session [SMM Nickel Spot Midday Review]

Published: Feb 14, 2025 13:36 (GMT+8)

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[Nickel Prices Opened Higher in the Morning] The mainstream spot premiums for Jinchuan Nickel No.1 were quoted in the range of 2,000-2,100 yuan/mt, with an average premium of 2,050 yuan/mt, down by 100 yuan compared to the previous trading day. The quotation range for Russian nickel premiums and discounts was -200 to 100 yuan/mt, with an average discount of 50 yuan/mt, down by 50 yuan compared to the previous trading day.

SMM February 14 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 100 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 discount of 50 yuan/mt, down by 50 yuan compared to the previous trading day.

Futures: Nickel prices opened higher in the morning session, rising by 0.42% to a peak of 124,940 yuan/mt.

Spot Premiums/Discounts: The premiums for Jinchuan-branded nickel pulled back slightly compared to yesterday, possibly due to the unchanged surplus in the market's supply and demand structure, with insufficient demand-side support exerting some suppressive effects. The spot premiums/discounts for other brands of nickel plates in the spot market showed relatively small changes overall.

Nickel prices climbed steadily after the market opened today. On the other hand, influenced by the domestic Two Sessions, short-term macro sentiment remained relatively optimistic, boosting market confidence. However, the surplus in refined nickel has not been alleviated, and the most-traded contract continued to operate within the range of 120,000-130,000 yuan.

Price Spread with Nickel Sulphate: Today, nickel briquette prices were quoted at 123,800-124,200 yuan/mt, with an average price of 124,000 yuan/mt, remaining flat compared to the previous trading day's spot price. Nickel sulphate continued to be 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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