Nickel Prices Rose Today (3.1) [SMM Nickel Spot Midday Review]

SMM March 10 News:

Spot premiums and discounts: The mainstream spot premium quotation range for Jinchuan No. 1 nickel was 1,200-1,500 yuan/mt, with an average premium of 1,350 yuan/mt, down 75 yuan/mt from the previous trading day. The premium and discount quotation range for Russian nickel was -200 to 0 yuan/mt, with an average discount of -100 yuan/mt, down 50 yuan from the previous trading day.

Futures: Nickel prices rose after the opening today. As of the 11:30 closing price, it stood at 131,339 yuan/mt, up 1.46% from the previous trading day's settlement price, with a high of 132,500 yuan/mt.

Spot premiums and discounts: Jinchuan brand nickel fell by 75 yuan compared to the previous trading day. Demand recovery remained weaker than market expectations, and traders lowered prices to boost spot market transactions.

From a technical perspective and in terms of market sentiment, SHFE nickel futures contracts performed strongly, with recent market sentiment being relatively positive. Sentiment continues to play a dominant role in influencing prices.

In terms of the price spread with nickel sulphate: Today, nickel briquette prices were 131,100-131,400 yuan/mt, with an average price of 131,250 yuan/mt, up 3,400 yuan/mt from the previous day's spot price. Nickel sulphate remains at a discount to refined nickel.