Spot Pure Nickel Premiums Fall Today while the Absolute Prices still Stand High

SHANGHAI, May 4 (SMM) - On May 4, traders began to offer spot quotes against SHFE 2306 nickel. Spot premiums of Jinchuan nickel were 8,600-9,000 yuan/mt. The average premium was 8,800 yuan/mt, up 5,050 yuan/mt from the previous trading day. Premiums of NORNICKEL nickel stood at 7,500-8,000 yuan/mt. The average premium was 7,750 yuan/mt, an increase of 5,500 yuan/mt from the previous trading day. SHFE nickel surged in the early trading affected by the overseas nickel futures prices. The spot premiums trended lower, but the absolute prices still stood high. The spot transactions fell short of expectations. Nickel briquette prices were 194,300-195,000 yuan/mt, an increase of 3,650 yuan/mt from the previous trading day. The nickel briquette transactions were slack as it was still traded at premiums over nickel sulphate.