Nickel Price Fluctuations: Morning Session Volatility [SMM Nickel Spot Midday Review]

SMM, February 25:

Spot premiums and discounts: The mainstream spot premium quotation range for Jinchuan No.1 nickel was 1,600-1,900 yuan/mt, with an average premium of 1,750 yuan/mt, down by 200 yuan compared to the previous trading day. The premium and discount quotation range for Russian nickel was -100 to 100 yuan/mt, remaining at parity with the previous trading day.

Futures: Nickel prices showed a fluctuating trend after opening today, declining by 0.57% to a low of 123,820 yuan/mt.

Spot premiums and discounts: The premium for Jinchuan-branded nickel fell by 200 yuan compared to the previous trading day, mainly due to poor performance in the afternoon session yesterday, leading to sluggish market transactions. To stimulate sales, traders opted for proactive price reductions, resulting in a narrower premium range.

From a technical perspective and in terms of market sentiment, the SHFE nickel 2503 contract showed a fluctuating trend in the morning session, with transactions falling short of expectations. The downstream demand remained sluggish, and overall market trading activity was low.

Price spread with nickel sulphate: Today, nickel briquette prices were 123,450-123,700 yuan/mt, with an average price of 123,575 yuan/mt, down by 575 yuan/mt compared to the previous trading day's spot price. Nickel sulphate remained at a discount to refined nickel.