The US nickel market was active in the week to Tuesday June 8, with a consensus that falling supply and healthy spot demand will support the current premium range.
US premiums poised for possible increase if miners' strike in Canada endures. Continued arbitrage losses push some Chinese traders away from nickel plate. European London Metal Exchange warehouse stocks fall 400 tonnes, but spot premiums stay flat US premiums hold, feeling tailwinds
Nickel premiums in the United States were unchanged on Tuesday despite a strike throughout the week at North America's main nickel producer, Vale Canada.
Market participants anticipate higher premiums if the strike, which started on June 1, endures for at least a month.
Meanwhile, they unanimously said premiums are supported at current levels by diminishing supply and decent spot demand - even in a week that was notably quiet in many others metals since many US industry participants took additional days off after the Memorial Day holiday...