SMM Nickel Morning Comment (Dec 26)

Spot Premiums/Discounts: The mainstream spot premiums for Jinchuan #1 nickel were 4,000-4,400 yuan/mt, with an average of 4,200 yuan/mt, down 200 yuan/mt compared to the previous trading day. The spot premiums for Norilsk nickel were -200-0 yuan/mt, with an average of -100 yuan/mt, down 50 yuan/mt compared to the previous trading day.

Futures Market: In the morning, nickel prices fluctuated at low levels, rising by 770 yuan/mt to 125,470 yuan/mt, an increase of 0.6%.

Spot Premiums/Discounts: Following the decline in the night session, nickel prices once again reached a short-term low. The premiums for Jinchuan-branded nickel were raised again. Although the sentiment of short-term supply tightens was alleviated, the tight availability of spot cargo in the market persisted. The spot premiums/discounts for other brands of nickel plates in the spot market showed relatively small changes overall.

Yesterday, nickel prices fluctuated within a range, continuing the upward trend from the previous trading day's daytime session. The premiums for Jinchuan-branded nickel remained largely stable at high levels, but as the sentiment of short-term supply tightens was gradually digested by the market, the premiums showed slight loosening. The spot premiums/discounts for other brands of nickel plates remained largely stable this month. This week, nickel prices overall fluctuated upward, while the sentiment for low-price restocking among downstream buyers weakened, and market transactions turned cold again in the past two days.

Price Spread with Nickel Sulphate: Nickel briquette prices were in the range of 124,750-125,150 yuan/mt, up 1,250 yuan/mt compared to the previous trading day. Nickel sulphate remained at a discount to refined nickel.