SMM Nickel Market Morning Comment (Jul 17)

On July 16, Jinchuan nickel was at a premium of 1,400-1,500 yuan/mt, with an average of 1,450 yuan/mt, an increase of 50 yuan/mt compared to the previous trading day. Russian nickel was at a discount of 0-100 yuan/mt, with an average of 50 yuan/mt, an increase of 50 yuan/mt compared to the previous trading day. In the morning, as the market ran weak, premiums in the spot market saw a slight increase. Some traders reported relatively dull trading atmosphere in the spot market overall. The price of nickel briquette was 131,900-132,200 yuan/mt, a decrease of 950 yuan/mt compared to the previous trading day. The price spread between nickel briquette and nickel sulphate was about 2,505 yuan/mt (nickel sulphate prices were 2,505 yuan/mt lower than nickel briquette prices).