Nickel premiums in Europe crept higher on Tuesday March 7 on tight availability and declining London Metal Exchange nickel stocks, while Asian nickel premiums were stable due to the sustained negative arbitrage in China and amid slow trading activity.
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 Tight availability and lower LME stocks supportive in Europe 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. Premiums for nickel briquettes have...