China premium dips amid poor arbitrage
- China trading interest wanes amid long-lasting negative LME/SHFE arbitrage, prompting lower premiums
- European spot buying remains lackluster with scant deals reported in already-low ranges
- US Independence Day holiday keeps participants out of the market and premiums subsequently flat
The Shanghai nickel premiums dipped in the week to July 7, with the long-lasting negative arbitrage between London and Shanghai weighing down the market, Fastmarkets learned.
Fastmarkets assessed the nickel, min 99.8%, full plate premium, cif Shanghai
at $110-140 per tonne on Tuesday, widening downward by $10 per tonne from $120-140 per tonne a week prior.
Fastmarkets’ nickel, min 99.8%, full plate premium, in-whs Shanghai
also slipped to $110-140 per tonne on Tuesday, down by $10 per tonne at the low end compared with a week earlier.
Nickel futures prices on the SHFE staged strong performance in recent days, with SHFE July...