SHANGHAI, Oct 15 (SMM) – Spot nickel premiums in Shanghai expanded in the morning of Tuesday October 15, as prices of futures plunged more than 3%.
The nickel contract on the Shanghai Futures Exchange for November delivery dropped more than 3% to the lowest in about six weeks this morning.
In the Shanghai spot market, Russian materials were quoted in a premium of 200-300 yuan/mt over the SHFE 1911 contract, up from 50-150 yuan/mt on Monday morning.
Demand for Russian nickel has improved, which also accounted for recent gains in the spot premium, as wide losses on imports and the imminent date of delivery prompted sellers to hold firm premiums.
The premium for Jinchuan nickel widened from 200-300 yuan/mt a day earlier to 500-600 yuan/mt over the SHFE 1911 contract. The producer Jinchuan tended to support spot premiums, and its offer came in at 134,000 yuan/mt, ex-factory today, down 3,700 yuan/mt from Monday.
Trading volumes remained barely changed from the previous day, with trades actively done at 133,500 yuan/mt. Deals were heard at 133,300-134,300 yuan/mt this morning.
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