Nickel Prices Hovered at Highs with Poor Trades

SHANGHAI, Sep 7 (SMM) - In the spot market, Jinchuan nickel was quoted at premiums of 11,000-10,500 yuan/mt as of September 7, averaging at 10,250 yuan/mt, which was down 250 yuan/mt from a day ago. Premiums of NORNICKEL nickel were quoted at 3,700-4,200 yuan/mt, and the average price was 3,950 yuan/mt, down 300 yuan/mt from the last trading day. The slight fall in spot premiums was attributed to high futures prices and the improvement in tight spot supply. The market trades today were relatively poor. The prices of nickel briquette stood at 176,600-17,7200 yuan/mt, down 750 yuan/mt from the previous trading day. Since the profit of nickel sulphate produced by self-dissolved nickel briquette has improved, and steel mills are expected to resume the production soon, the demand for nickel briquette is likely to pick up.