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Futures Market Rose While Jinchuan Nickel Premium Dropped Back Slightly [SMM Nickel Spot Midday Review]
Jan 08, 2025, at 4:33 pm
[Futures Market Rose While Spot Premiums for Jinchuan Nickel Dropped Back Slightly] Today, the mainstream spot premiums for Jinchuan No.1 Nickel were quoted in the range of 3,300-3,600 yuan/mt, with an average premium of 3,450 yuan/mt, down by 100 yuan.
Spot Premiums/Discounts: Today, the mainstream spot premiums for Jinchuan No.1 nickel were quoted in the range of 3,300-3,600 yuan/mt, with an average premium of 3,450 yuan/mt, down by 100 yuan. Russian nickel spot premiums/discounts were quoted in the range of -200 to 100 yuan/mt, with an average of -50 yuan/mt, down by 50 yuan.
Futures Market: In the morning, nickel prices rose by over 1%, increasing by 1,820 yuan to 125,030 yuan, with a decline of 1.4%.
With the futures market rising, the premiums for Jinchuan-branded nickel pulled back slightly, with an average premium of 3,450 yuan/mt. Demand side, entering January, the overall market transactions remained sluggish recently. Supply side, top-tier enterprises had no production reduction plans in January, and overall supply remained sufficient. Under the loose supply and demand conditions, nickel prices are expected to fluctuate downward in the short term.
Regarding the Price Spread with Nickel Sulphate: Today, nickel briquette prices were 124,400-124,900 yuan/mt, up by 2,125 yuan/mt compared to the previous trading day's spot price. Nickel sulphate remained at a discount to refined nickel.
