Nickel Prices Fluctuate Considerably in Early Trading [SMM Spot Nickel Midday Review]

SMM March 24: Spot premiums and discounts: The quotation range for spot premiums of Jinchuan No.1 nickel was 1,900-2,200 yuan/mt, with an average premium of 2,050 yuan/mt, up 100 yuan/mt from the previous trading day. The premiums and discounts for Russian nickel ranged from -150 to 100 yuan/mt, with an average discount of -25 yuan/mt, up 25 yuan from the previous trading day. Futures: Nickel prices fluctuated considerably after the opening. By 11:30, the closing price was 129,740 yuan/mt, down 0.05% from the previous trading day's settlement price, with the lowest touching 128,640 yuan/mt. In terms of spot premiums and discounts, the Jinchuan brand nickel rose 100 yuan compared to the previous trading day. Traders chose to raise premiums appropriately to gauge market demand. From a technical perspective, SHFE nickel futures contracts increased after opening, mainly influenced by the frequent adjustments in Indonesia's nickel industry policies, which may push nickel prices higher. Regarding the price spread with nickel sulphate: Today, the SMM1# refined nickel price was 128,600-131,500 yuan/mt, with an average price of 130,050 yuan/mt, down 550 yuan/mt from the previous trading day's spot price. The price spread was approximately 2,231 yuan/mt (Ni contained), with nickel sulphate still at a discount to refined nickel.