Pure Nickel Premiums Dropped while Transaction was Weak

SHANGHAI, Mar 23 (SMM) - In early trading, SHFE 2204 nickel contract fluctuated at 209,000 yuan/mt. According to the comprehensive investigation of upstream and downstream and the collective inquiry of traders, SMM learned that Jinchuan was 3,500-3,900 yuan/mt, which was the same as yesterday. NORNICKEL nickel was 3,000-3,700 yuan/mt, down 250 yuan/mt from the previous trading day. Since yesterday, the import losses gradually improved. However, at present, it will take some time for the cleared goods to reach the Chinese market, and the tight supply will not change in the short term. The decline of premiums today was mainly because the prices were higher than yesterday and traders generally lowered the premiums to clinch a deal by the end of March. In the spot market, the quote of nickel briquette was 8,000-8,000 yuan/mt. Traders began to ship goods, but downstream manufacturers were less willing to purchase because their inventory did not reach a low level. The supply of nickel briquette was still tight, and there were few transactions in the spot market today.

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