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

SMM March 4 News:

Spot Premiums/Discounts: The mainstream spot premiums for Jinchuan No.1 nickel were quoted in the range of 1,400-1,700 yuan/mt, with an average premium of 1,550 yuan/mt, down by 50 yuan compared to the previous trading day. The premiums and discounts for Russian nickel were quoted in the range of -200 to 0 yuan/mt, with an average discount of -100 yuan/mt, up by 50 yuan compared to the previous trading day.

Futures: Nickel prices opened higher during the night session but declined in the morning session. As of the 11:30 close, the settlement price was 127,050 yuan/mt, up 0.92% from the previous trading day's settlement price, with a high of 128,840 yuan/mt.

Spot Premiums/Discounts: Jinchuan brand nickel fell by 50 yuan compared to the previous trading day, mainly due to weaker-than-expected recovery in downstream demand.

From a technical perspective and market sentiment, the SHFE nickel 2504 contract performed strongly during the night session yesterday but declined after the opening. This may be related to uncertainties in overseas macro factors and high nickel inventory levels. Currently, market trading remains sluggish, with participants mostly adopting a wait-and-see approach or awaiting news from the Two Sessions.

Price Spread With Nickel Sulphate: Today, nickel briquette prices were in the range of 126,500-126,900 yuan/mt, with an average price of 126,700 yuan/mt, up by 625 yuan/mt compared to the previous trading day's spot price. Nickel sulphate remains at a discount to refined nickel.