SMM March 13 News:
Spot Premiums/Discounts: The mainstream spot premiums for Jinchuan No.1 nickel were quoted in the range of 1,150-1,200 yuan/mt, with an average premium of 1,175 yuan/mt, down by 75 yuan/mt compared to the previous trading day. The premiums and discounts for Russian nickel were quoted in the range of -100 to 0 yuan/mt, with an average discount of -50 yuan/mt, up by 50 yuan compared to the previous trading day.
Futures: Nickel prices pulled back after opening lower today. As of 11:30, the closing price was 132,500 yuan/mt, up by 0.18% compared to the previous trading day's settlement price, with a high of 134,450 yuan/mt.
Spot Premiums/Discounts: The spot premiums for Jinchuan-branded nickel continued to decline by 75 yuan compared to the previous trading day. Due to persistently weak demand and the recent rise in nickel prices, the end-use market mainly remained in a wait-and-see mode, with no significant purchase willingness observed.
From a technical perspective, SHFE nickel futures contracts opened lower, experienced a brief rebound, but then pulled back again. In the short term, market sentiment continues to dominate nickel price trends, with overall sentiment leaning towards caution.
Price Spread with Nickel Sulphate: Today, nickel briquette prices were in the range of 132,300-132,850 yuan/mt, with an average price of 132,575 yuan/mt, up by 1,225 yuan/mt compared to the previous day's spot price. Nickel sulphate remains at a discount to refined nickel.
