Nickel Prices Rebounded After Opening Lower Today [SMM Nickel Spot Midday Review]

SMM March 11 News: Spot Premiums and Discounts: The mainstream spot premiums for Jinchuan No.1 nickel were quoted in the range of 1,200-1,400 yuan/mt, with an average premium of 1,300 yuan/mt, down by 50 yuan/mt from 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, also down by 50 yuan.

Futures: Nickel prices rose after the opening today. As of the 11:30 closing price, it stood at 132,100 yuan/mt, up by 0.42% from the previous trading day's settlement price, with a peak at 133,910 yuan/mt.

Spot Premiums and Discounts: Jinchuan brand nickel fell by 50 yuan compared to the previous trading day. Market sentiment remained high, but downstream buyers were still mainly on the sidelines. Traders continued to lower prices to stimulate transactions, but the results were unsatisfactory.

From a technical and market sentiment perspective, SHFE nickel futures contracts rebounded after an initial decline at the opening, indicating that market sentiment remained relatively optimistic. Coupled with the upward trend in LME nickel, sentiment is expected to continue dominating market price movements in the short term.

Price Spread with Nickel Sulphate: Today, nickel briquette prices ranged from 130,500 to 131,600 yuan/mt, with an average price of 131,050 yuan/mt, down by 200 yuan/mt from the previous trading day's spot price. Nickel sulphate remained at a discount to refined nickel.