Spot Pure Nickel Trades Fall Short of Expectations on Poor Demand

SHANGHAI, May 11 (SMM) - On May 11, premiums of Jinchuan nickel were 8,800-9,000 yuan/mt. The average premium stood at 8,900 yuan/mt, up 300 yuan/mt from the previous trading day. NORNICKEL nickel was quoted at premiums of 5,900-6,300 yuan/mt, with an average of 6,100 yuan/mt, down 900 yuan/mt from a day ago. Nickel prices moved with some downward potential today because of the poor downstream demand and trades amid the economic recession. Under this background, nickel warrants rose, and the spot premiums slumped. Nickel briquette prices were 174,600-175,600 yuan/mt, down 9,100 yuan/mt from the previous trading day. The nickel briquette transactions were slack as it was still traded at premiums over nickel sulphate.