Snapshot: Nickel spot market in Shanghai

SHANGHAI, Apr 17 (SMM) – Norilsk nickel in the Shanghai market traded at a premium of 300 yuan/mt against the Wuxi Stainless Steel Exchange 1805 contract on Tuesday April 17, while Jinchuan traded at a premium of 600 yuan/mt, SMM learned.

Jinchuan offered nickel plate at 103,500 yuan/mt.

Traders made offers actively due to ample supply. As nickel futures prices traded at high levels in the morning, downstream consumers made smaller purchases when prices dipped, while traders stockpiled modestly. Most transactions were done at 103,100-103,700 yuan/mt.

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