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Nickel – Overall transactions as a whole are rare, having no significant change from yesterday

Date 4/13/2018 5:33:41 PM Source: SHMET

With regards to NI FP, offers in Shanghai bonded zone keep standing at the range of $250-$280, so is premiums for CIF. The SHFE Spot/LME 3M was at 7.42 and that for 3M SHFE/LME 3M at 7.46. Russian Ni registered a loss of RMB2456 in spot (2%of import tax) and a loss of RMB2225 3M forward.

Currently, the downstream purchase demand is light, while warrants of shanghai bonded warehouse and from overseas market held by sellers are mainly used in repo business or to finance the warrants pledge. The willingness to deliver cargoes is weaker, while traders don’t have much B/L of CIF shanghai. If the customer has a demand of delivering from overseas warehouse to shanghai, then the price will be higher and the willingness to purchase in the downstream will be worse. Therefore, the market transactions as a whole are rare. 

Edited by SHMET