Spot Nickel Transactions Weaken Near the Year-End

SHANGHAI, Jan 9 (SMM) - On January 9, spot premiums of Jinchuan nickel were 10,000-13,000 yuan/mt over SHFE 2302 nickel contract, and the average premium was 11,500 yuan/mt, up 1,500 yuan/mt from the previous trading day. Premiums of NORNICKEL nickel stood at 6,800-7,000 yuan/mt. The average premium was 6,900 yuan/mt, an increase of 250 yuan/mt from the previous trading day. SHFE nickel prices stabilised, and the downstream companies' pre-holiday stockpiling ended last week, hence the intraday transactions were slack. Besides, some traders have become less willing to ship since the logistic services will be suspended near the Chinese New Year. Prices of nickel briquettes were 216,000-217,800 yuan/mt, up 5,400 yuan/mt from the previous trading day. Nickel briquette trading was slack as the prices were still higher than the nickel sulphate prices.