Global nickel premiums were mostly static in the week to Tuesday June 2, with the exception of the delivered Midwest premium in the United States, where oversupply and weak demand saw the range soften, while a strong London Metal Exchange three-month nickel price kept consumption limited.
Cheaper global supply caps US domestic briquette interestThin liquidity limits European marketArb losses hamper China demandUS briquettes down again
Nickel briquette premiums declined again in the US over the past week on weak demand and ample supply, to which renewed sources of cheap supply from overseas have recently added.
Fastmarkets' assessment of the
nickel briquette premium, delivered Midwest US was 15-18 cents per lb on June 2, down from 15-19 cents per lb on May 26. This is the third weekly decline in the briquette premium since April 28.
Cut cathodes, a less traded form, were unchanged at the lower level in place for the past three weeks. Fastmarkets' assessment of the
nickel 4x4 cathode, delivered Midwest US was unchanged at 33-38 cents per lb on June 2.
Briquette...