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

SMM, February 15:

Spot premiums/discounts: The mainstream spot premium quotation range for Jinchuan No.1 nickel was 2,000-2,200 yuan/mt, with an average premium of 2,150 yuan/mt, up by 50 yuan compared to the previous trading day. The quotation range for Russian nickel premiums/discounts was -100 to 100 yuan/mt, on par with the previous trading day, up by 50 yuan.

Futures: Nickel prices declined today, down by 0.32%, reaching a low of 123,260 yuan/mt.

Spot premiums/discounts: The premium for Jinchuan brand nickel rose slightly compared to yesterday and last week, potentially influenced by relatively tight supply in the nickel spot market and expectations of potential tightening in nickel ore supply from Indonesia, providing cost support.

Nickel prices fell steadily after the market opened today. On one hand, US inflation data heightened market risk aversion sentiment; on the other hand, with the Two Sessions approaching in China, investors adopted a cautious stance, awaiting more policy signals.

Price spread with nickel sulphate: Today, nickel briquette prices were 122,800-123,300 yuan/mt, with an average price of 123,050 yuan/mt, down by 950 yuan/mt compared to the previous trading day's spot price. Nickel sulphate remained at a discount to refined nickel.