GLOBAL NICKEL WRAP: Global premiums largely stable amid surge in LME price

Premiums in global locations were largely steady, bar Metal Bulletin’s European briquette premiums which were slightly lower due to more availability.

  • Narrower London Metal Exchange spreads and more supply have put some pressure on the European briquette premiums. 
  • The Chinese market was quiet in the past week with the recently implemented import taxes deterring demand for imported units. 
  • US premiums were stable, despite the expensive LME price slightly dampening spot market demand.
Briquette premiums in Europe ease, while other shapes steady 
Premiums for nickel briquettes in Rotterdam on an in-warehouse basis fell slightly to $270-310 on Tuesday January 30 from $275-315 per tonne previously.
Participants reported seeing more supply in Europe this week, which combined with narrower spreads to put some downward pressure on the premium.
“The premium isn’t going higher. People are a bit more hesitant to carry stock,” one trader in Europe said.
“The spread is not as great. More people are freeing up some extra parcels,” a second trader said.

More briquettes could be...


Ellie Wang

Millicent Dent

Justin Yang

January 31, 2018

12:09 GMT

New York, Shanghai, London