Nickel prices fluctuated downward in the morning session [SMM Nickel Spot Cargo Midday Review]

SMM March 26: Spot premiums/discounts: The mainstream spot premium quotation range for Jinchuan No.1 nickel was 1,700-1,900 yuan/mt, with an average premium of 1,800 yuan/mt, down 50 yuan/mt from the previous trading day. The premium/discount quotation range for Russian nickel was -100 to 100 yuan/mt, at parity, unchanged from the previous trading day. Futures side: Nickel prices fluctuated downward after opening today. As of 11:30, the closing price was 129,530 yuan/mt, still up 0.54% from the previous trading day's settlement price, with a low of 128,530 yuan/mt. Spot premiums/discounts side, Jinchuan brand nickel fell 50 yuan from the previous trading day. The night session strengthened yesterday, and the premium dropped slightly today to promote market transactions. Macro side, SHFE nickel futures contracts fluctuated downward after opening in the morning, possibly affected by the recent slowdown in Indonesia's tax policy, but there is still a possibility of a surge, with specific attention to the implementation of Indonesia's new policy. Price spread with nickel sulphate: Today's SMM1# refined nickel price was 129,400-132,350 yuan/mt, with an average price of 130,875 yuan/mt, up 1,025 yuan/mt from the previous trading day's spot price. The price spread range was about 2,556 yuan/mt (Ni contained), with nickel sulphate still at a discount to refined nickel.