SMM Nickel Market Morning Comment (Jul 10)

On July 9, Jinchuan nickel was at a premium of 800-1,000 yuan/mt, with an average of 900 yuan/mt, flat compared to the previous trading day. Russian nickel was at a discount of 0-500 yuan/mt, with an average of 250 yuan/mt, also flat compared to the previous trading day. In the morning, as the market fluctuated upward, downstream purchasing willingness decreased. The circulating supply of various brands in the domestic spot market increased, but the overall volume remained low, so spot prices did not change much. Nickel briquette prices were 135,700-136,100 yuan/mt, down 250 yuan/mt from the previous trading day. The price spread between nickel briquette and nickel sulphate was about 6,355 yuan/mt (nickel sulphate prices were 6,355 yuan/mt lower than nickel briquette prices).