Falling Nickel Prices Yesterday Supported the Premiums Today

SHANGHAI, May 10 (SMM) - SHFE 2206 nickel contract hovered around 199,000 yuan/mt in early trading. In the spot market, premiums of Jinchuan nickel were 212,300-214,500 yuan/mt. The average price was 213,400 yuan/mt, 7,850 yuan/mt lower than the previous trading day. Quotes of both NORNICKEL nickel and nickel briquette were 208,800-210,000 yuan/mt, with an average price of 209,400 yuan/mt, down 8,350 yuan/mt from the previous trading day. Spot premiums rose today. The premiums of Jinchuan nickel were 13,500-14,500 yuan/mt, 2,250 yuan/mt higher than the previous trading day. Premiums of NORNICKEL nickel stood at 10,000 yuan/mt, 1,750 yuan/mt higher than the previous trading day. The falling nickel prices yesterday increased the premiums today. However, due to the price correction, the inquiries and transactions in the spot market were acceptable.

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