Chinese nickel premiums remained at a 14-month high in the week ended Tuesday May 28, while holidays in the United Kingdom and United States further slowed spot trading.
Geopolitical tensions weigh on nickel price and premiums in Europe. US briquette premium weakens further against cut-cathodes. Full-plate cathodes plateau in China. European premiums static across the board Illiquidity following a public holiday in the UK, macro headwinds and bearish appetite kept all European nickel premiums unchanged on Tuesday May 28. Fastmarkets assessed the premium for uncut cathode, in-warehouse Rotterdam, at $200-220 per tonne on Tuesday, unchanged week on week. Fastmarkets' assessment of the 4x4 premium, in-warehouse Rotterdam, also traded flat on the same date, at $440-480 per tonne. And Fastmarkets assessed the premium for nickel briquettes, in-warehouse Rotterdam, as unchanged week on week at $200-250 per tonne. "There are some inquiries but premiums are under pressure and the backwardation [in nearby London Metal Exchange nickel spreads] isn't helping," a European trader said. "Maybe by June we see some improvement in the premiums again but there...