GLOBAL NICKEL WRAP: Post-Covid-19 restart optimism fails to buoy global nickel premiums

Global nickel premiums were flat in the week to Tuesday May 12 amid subdued spot trade, despite optimism for commercial restarts in major global economies after the pandemic, sources said.

Shanghai Futures Exchange to allow delivery of nickel briquettes, while China premiums staticMore inquiries fail to enliven spot business, keeping US premiums flatEuropean nickel premiums hold despite restart optimismChina premiums stay unchanged amid negative arbitrage
China's nickel full-plate cathode premiums maintained their range in the week to Tuesday May 12, with the closed arbitrage window muting trading activity, sources said.
Fastmarkets assessed the nickel, min 99.8%, full plate premium, cif Shanghai and the nickel 99.8%, full plate premium, in-whs Shanghai at parity at $120-150 per tonne on Tuesday, unchanged since March 31.
"There's no business, it's very quiet due to a closed arbitrage window," a Shanghai-based trader said.

A second trader in Shanghai echoed this view, noting that the arb loss narrowed a...

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