Nickel Price Fluctuations: Strengthened After Dropping Back Slightly in the Morning Session [SMM Nickel Spot Midday Review]

SMM February 28: Today, the contract rolled over to the 2504 contract. Spot premiums and discounts: The mainstream spot premium quotation range for Jinchuan No.1 nickel was 1,500-1,700 yuan/mt, with an average premium of 1,600 yuan/mt, down 100 yuan from the previous trading day. The premium and discount quotation range for Russian nickel was -300 to 0 yuan/mt, with an average discount of -150 yuan/mt, also down 100 yuan from the previous trading day.

Futures: Nickel prices opened lower today and then fluctuated higher. As of the 11:30 closing price, it stood at 126,864 yuan/mt, up 1.50% from the previous settlement price, with a high of 127,510 yuan/mt.

Spot premiums and discounts: The premium for Jinchuan-branded nickel fell by 100 yuan compared to the previous trading day, mainly due to today's contract rollover period.

From a technical perspective and market sentiment: The SHFE nickel 2504 contract showed a lower trend in the morning session before fluctuating higher. However, the night session's rise may have been influenced by yesterday's LME nickel price trend. Sentiment today pulled back, leading to a price decline.

Regarding the price spread with nickel sulphate: Today's nickel briquette prices were 125,900-126,200 yuan/mt, with an average price of 126,050 yuan/mt, up 1,750 yuan/mt from the previous day's spot price. Nickel sulphate remained at a discount to refined nickel.