Tight availability and lower LME stocks supportive in Europe
- European nickel premiums higher due to tight availability
- Quiet trading activity reported in both China and other Asian regions
- US nickel premium steady, but strong demand continues
European nickel premiums climbed to fresh highs on tight supply and a higher volume of business completed in recent sessions.
Premiums for uncut cathodes in-warehouse Rotterdam
hit a fresh 11-year high of $230-280 per tonne on Tuesday from $220-270 the week before, with deals reported at the upper end of the range. Offers were heard significantly above the range.
"We can see the LME stock drawdown. It’s going to continue," one trader in Europe said.
On-warrant nickel stocks in Rotterdam have fallen to 22,746 tonnes from 24,426 tonnes last month. ...