Nickel premiums were on divergent paths across the globe in the week ended Tuesday June 26, with the summer lull pushing European premiums lower but a narrowing import arbitrage providing support for premiums in Shanghai.
European premiums drift lower as summer slowdown hits Narrowing arbitrage pushes Shanghai premiums up US nickel premiums remain firm Start of summer liquidation pushes European nickel premiums lower Nickel premiums in Europe fell with participants looking to sell off metal ahead of slower consumption typified during the summer months. "No one wants to take material in for July and August," one trader in Europe said. "Summer has come a bit early this time." "[The downward trend] is seasonal and you have some companies closing their books at the end of June. They're desperate to sell at lower levels. Now with July and August coming up [premiums] will be lower," a second trader in Europe said. Premiums for uncut cathodes in Rotterdam on an in-warehouse basis fell to $210-250 per tonne on Tuesday from $220-265 the week before. Offers were...