Nickel Price Fluctuations: Rise Slightly in Early Trading, Then Pull Back Amid Volatility [SMM Nickel Spot Noon Review]

SMM, February 27:

Spot premiums and discounts: The mainstream spot premiums quotation range for Jinchuan No.1 nickel was 1,600-1,800 yuan/mt, with an average premium of 1,750 yuan/mt, down 50 yuan from the previous trading day. The premiums and discounts quotation range for Russian nickel was -100 to 0 yuan/mt, with an average discount of 50 yuan/mt, also down 50 yuan from the previous trading day.

Futures: Nickel prices showed mixed trends after opening today. After a slight rise at the opening, prices pulled back. As of 11:30, the closing price was 124,920 yuan/mt, up 0.50% from the previous settlement price, with a high of 125,800 yuan/mt.

Spot premiums and discounts: Jinchuan brand nickel fell by 50 yuan compared to the previous trading day, mainly due to the ongoing contract rollover period and the incomplete recovery of downstream demand.

From a technical perspective and market sentiment: The SHFE nickel 2503 contract showed a volatile trend in the morning session. In terms of sentiment, the market may need to wait for potential favorable news or policies from the Two Sessions to stimulate demand.

Regarding the price spread with nickel sulphate: Today's nickel briquette prices were 124,100-124,500 yuan/mt, with an average price of 124,300 yuan/mt, up 800 yuan/mt from the previous day's spot price. Nickel sulphate remained at a discount to refined nickel.