SMM Nickel Market Morning Comment (Aug 29)

On August 28, Jinchuan nickel was quoted at a premium of 1,000-1,100 yuan/mt, with an average of 1,050 yuan/mt, remaining unchanged from the previous trading day. Norilsk nickel was quoted at a discount of 400 yuan/mt to a premium of 100 yuan/mt, with an average discount of 150 yuan/mt, also unchanged from the previous trading day. In the morning, the market gave back some of the gains from the previous night, but spot market premiums showed little fluctuation compared to the previous working day. Nickel briquette prices were 129,700-129,900 yuan/mt, down 275 yuan/mt from the previous trading day. The price spread between nickel briquette and nickel sulphate was about 2,300 yuan/mt (nickel sulphate prices were 2,300 yuan/mt lower than nickel briquette prices).