The open arbitrage window on June 10 pushes up cif Shanghai premium on seaborne Nornickel plate cargoes
European premiums continue to trade flat on seasonal illiquidity, macro-inspired bearishness
US premiums remain capped by thin trading activity despite renewed US-Sino trade tension
China cif premium rises on open import window
The open import arbitrage window on June 10 pushed up cif Shanghai premiums for seaborne cargoes of Nornickel plates. Conversely, in-warehouse premiums remained unchanged on thin trading due to limited availability.
Fastmarkets’ premium assessment for 99.8% purity, full-plate nickel, cif Shanghai, was at $210-240 per tonne on Tuesday, up by $10 per tonne from $210-230 per tonne last Tuesday June 4.
Fastmarkets assessed the premium for full-plate nickel, 99.8% purity, Shanghai-bonded, in-warehouse, at $220-250 per tonne, flat week on week while also at a 14-month high.
The import arbitrage between the LME and Wuxi Stainless Steel Exchange was at a profit...