Spot nickel trading in Shanghai thins as futures trade at highs

SHANGHAI, Apr 25 (SMM) – Norilsk nickel in the Shanghai market traded at a premium of 600-800 yuan/mt against the Wuxi Stainless Steel Exchange 1805 contract on Wednesday April 25, while Jinchuan traded at a premium of 1,000-1,200 yuan/mt, SMM learned.

Jinchuan offered nickel plate at 104,500 yuan/mt.

For cargoes with invoices for May, Norilsk nickel traded at a premium of 300 yuan/mt with Jinchuan traded at a premium of 500-600 yuan/mt.

As prices of nickel futures traded rangebound at highs in the morning, downstream consumers purchased on demand as prices dipped. Trading was thin with most transactions at 103,300-104,500 yuan/mt.

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