Nickel Price Fluctuations: Continued Decline in Early Trading for Consecutive Days [SMM Nickel Spot Midday Review]

SMM February 18:

Spot Premiums/Discounts: The mainstream spot premiums for Jinchuan Nickel No.1 were quoted in the range of 2,000-2,200 yuan/mt, with an average premium of 2,100 yuan/mt, unchanged from the previous trading day. The spot premiums/discounts for Russian nickel were quoted in the range of -100 to 100 yuan/mt, on par with the previous trading day.

Futures: Nickel prices rose during the night session but opened lower in the morning session, down by 0.22%, reaching a low of 123,590 yuan/mt.

Spot Premiums/Discounts: The premiums for Jinchuan-branded nickel remained stable yesterday, mainly due to sluggish recent transactions.

Nickel prices continued to decline after the opening today. From a technical perspective, the SHFE nickel 2503 contract has recently been under pressure, pulling back below the 60-day moving average, with an expansion in the green bar area, indicating some downside room in the short term.

Price Spread With Nickel Sulphate: Today, nickel briquette prices were at 123,150-123,400 yuan/mt, with an average price of 123,275 yuan/mt, up by 225 yuan/mt compared to the previous trading day's spot price. Nickel sulphate remained at a discount to refined nickel.