Nickel Price Fluctuation: Declined in Early Trading [SMM Nickel Spot Midday Review]

SMM, February 21:

Spot Premiums/Discounts: The mainstream spot premiums for Jinchuan No.1 nickel were quoted in the range of 1,700-2,100 yuan/mt, with an average premium of 1,850 yuan/mt, down by 150 yuan compared to 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, up by 50 yuan.

Futures Market: Nickel prices declined after opening today, down by 0.06%, reaching a low of 124,500 yuan/mt.

Spot Premiums/Discounts: The spot premiums for Jinchuan nickel dropped by 150 yuan compared to yesterday, mainly due to market concerns over the European ban on Russian aluminum imports and the US statement by Trump regarding a potential new trade agreement with China, which drove nickel prices higher yesterday.

From a technical perspective, the SHFE nickel 2503 contract opened lower in the morning, suggesting that the sentiment-driven price impact has eased, and the futures market is gradually recovering.

Price Spread with Nickel Sulphate: Today, nickel briquette prices were quoted at 124,500-124,900 yuan/mt, with an average price of 124,700 yuan/mt, up by 1,075 yuan compared to the previous trading day's spot price. Nickel sulphate remains at a discount to refined nickel.