SMM Nickel Market Morning Comment (May 28)

On May 27, Jinchuan nickel was at a premium of 1,000-1,200 yuan/mt, with an average of 1,100 yuan/mt, down 50 yuan/mt from the previous trading day. Russian nickel was at a discount of 200 to 600 yuan/mt, with an average of 400 yuan/mt, up 50 yuan/mt from the previous trading day. In the morning, the market slightly rebounded along with the overall non-ferrous metals sector, but remained within the range of 150,000-155,000 yuan/mt. The spot market transactions were still mainly driven by essential procurement. Nickel briquette prices were 149,900-150,400 yuan/mt, up 1,050 yuan/mt from the previous trading day. The price gap between nickel briquette and nickel sulphate was about 1,286 yuan/mt (nickel sulphate prices were 1,286 yuan/mt lower than nickel briquette prices).