SHANGHAI, Aug. 22 (SMM) – On Tuesday, nickel supply in China’s domestic spot market was tightening, Shanghai Metals Market learns.
The tightness was due mainly to two factors. First, traders held back goods due to optimistic outlook. Second, some goods were held by investors, which rarely participate in daily spot deals, also tightening market supply.
On Tuesday, Russian nickel traded at premiums of 100 yuan per tonne, ranging between 90,200-90,500 yuan per tonne, and premiums of Jinchuan nickel were at 500-600 yuan per tonne.
Jinchuan Group raised ex-works prices by 500 yuan per tonne on Tuesday, with traded prices between 90,500-90,800 yuan per tonne. Overall trading sentiment dropped on a daily basis.
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