Global nickel premiums were broadly unchanged in the week to Tuesday November 3, with a closed import arbitrage window and muted spot interest prompting no movement in premiums, sources told Fastmarkets.
Absence of import opportunities leaves nickel premium static in ChinaNo spot trade reported in United States' market European market laments London Metal Exchange price spikeChina nickel business stalls amid poor arb loss
China's nickel trade came to a halt amid the sustained closure of the arbitrage window between London and Shanghai, which badly hurt trading sentiment, sources said.
"Nothing happened [and] sadly, there's been no trading at all," one trader said.
"The arb is so bad [which is] keeping market participants away from the market while they wait and see," a second trader source said.
Fastmarkets assessed the nickel, min 99.8%, full plate premium, cif Shanghai at $90-110 per tonne on November 3, unmoved since August 25.
Fastmarkets' assessment of the nickel, min 99.8%, full plate premium, in-whs Shanghai held at $90-110 per tonne on Tuesday, unchanged since August 25.
A lack...