After the night session decline, nickel prices regained upward momentum in the morning session [SMM Nickel Spot Cargo Midday Review]

Published: Apr 1, 2025 13:33

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After the night session decline, nickel prices regained upward momentum in the early session. The mainstream spot premiums quotation range for Jinchuan No.1 nickel was 1,600-1,800 yuan/mt, with an average premium of 1,700 yuan/mt, up 250 yuan/mt from the previous trading day. The premiums and discounts quotation range for Russian nickel was -100 to 200 yuan/mt, with an average premium of 50 yuan/mt, up 100 yuan/mt from the previous trading day.

SMM April 1: Spot premiums/discounts: The mainstream spot premium quotation range for Jinchuan No. 1 nickel was 1,600-1,800 yuan/mt, with an average premium of 1,700 yuan/mt, up 250 yuan/mt from the previous trading day. The premium/discount quotation range for Russian nickel was -100 to 200 yuan/mt, with an average premium of 50 yuan/mt, up 100 yuan/mt from the previous trading day. Futures side: Nickel prices rebounded slightly today after falling in the night session. As of 11:30, the closing price was 130,080 yuan/mt, down 0.34% from the previous trading day's settlement price, with a high of 130,140 yuan/mt. Spot premiums/discounts side: Jinchuan brand nickel prices rose 250 yuan from the previous trading day. This was mainly due to the decline in nickel prices in the night session, prompting traders to appropriately raise premiums to protect their costs. Macro side, SHFE nickel futures contracts have been fluctuating rangebound recently, possibly due to weak market demand and the fading sentiment impact from Indonesian policies, coupled with the exit of long funds. However, as mine supply remains tight, nickel prices have some cost support at current levels, leaving room for short-term gains. Nickel sulphate price spread side: Today's SMM1# refined nickel price was 128,950-131,150 yuan/mt, with an average price of 130,050 yuan/mt, down 950 yuan/mt from the previous trading day's spot price. The price spread range was approximately 1,595 yuan/mt (Ni contained), with nickel sulphate still at a discount to refined nickel.

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