SMM Nickel Market Morning Comment (Jul 16)

On July 15, Jinchuan nickel was at a premium of 1,300-1,500 yuan/mt, with an average of 1,400 yuan/mt, up 100 yuan/mt compared to the previous trading day. Russian nickel was at a discount of 0-200 yuan/mt, with an average of 100 yuan/mt, up 25 yuan/mt compared to the previous trading day. In the morning, as the market fluctuated upwards, downstream purchasing sentiment was hindered, and some traders reported moderate spot market transactions. Nickel briquette prices were 132,800-133,200 yuan/mt, up 1,700 yuan/mt compared to the previous trading day. The price spread between nickel briquette and nickel sulphate was about 3,455 yuan/mt (nickel sulphate prices were 3,455 yuan/mt lower than nickel briquette prices).