SMM Nickel Market Morning Comment (Jul 12)

On July 11, Jinchuan nickel was at a premium of 1,100-1,300 yuan/mt, with an average of 1,200 yuan/mt, up 100 yuan/mt compared to the previous trading day. Russian nickel was at a discount of 0-200 yuan/mt, with an average of 100 yuan/mt, up 50 yuan/mt compared to the previous trading day. In the morning, the market fluctuated downward, but some traders reported that downstream buyers were more cautious, resulting in poor spot market transactions. Nickel briquette prices were 131,800-132,100 yuan/mt, down 1,100 yuan/mt from the previous trading day. The price spread between nickel briquette and nickel sulphate was about 2,405 yuan/mt (nickel sulphate prices were 2,405 yuan/mt lower than nickel briquette prices).