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

SMM, February 24:

Spot premiums and discounts: The mainstream spot premium quotation range for Jinchuan No.1 nickel was 1,900-2,000 yuan/mt, with an average premium of 1,950 yuan/mt, up by 100 yuan compared to the previous trading day. The premium and discount quotation range for Russian nickel was -100 to 100 yuan/mt, remaining on par with the previous trading day.

Futures market: Nickel prices rose after opening today, increasing by 0.06% to a high of 125,350 yuan/mt.

Spot premiums and discounts: The premium for Jinchuan brand nickel increased by 100 yuan compared to the previous trading day, mainly due to sentiment-driven futures market gains influenced by last week's developments in Europe and the US. However, the sentiment-driven impact has subsided today.

From a technical perspective and market sentiment: The SHFE nickel 2503 contract opened higher in the morning, with an overall positive market atmosphere. Downstream demand is expected to recover after the Two Sessions.

Price spread with nickel sulphate: Today, nickel briquette prices were 124,000-124,300 yuan/mt, with an average price of 124,150 yuan/mt, down by 550 yuan/mt compared to the previous trading day's spot price. Nickel sulphate remains at a discount to refined nickel.