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Mumbai, 08 Nov (Commoditiescontrol):Nickel prices displayed varied trends across MCX, SHFE, and LME on 7 November 2024.
MCX contracts for November and December settled at ₹1,360 per kg, down by ₹6.30, with no trading volumes reported.
On the SHFE, December 2024 Nickel futures dropped by ¥20 to ¥125,960, with significant volume at 125,433 contracts. The January 2025 contract, however, gained ¥410 to close at ¥126,280, with an open interest of 55,050 contracts, down by 1,038 contracts.
LME Nickel saw an upward trend, with the 3-month forward price advancing by $460 to $16,587 per tonne. The LME cash price also rose sharply by $473.60, reaching $16,343.63, though the LME cash change reflected a decline of $243.
In China, Jinchuan nickel maintained a premium of 1,700-1,800 yuan/mt, averaging 1,750 yuan/mt, unchanged from the previous trading day. Norilsk nickel continued at a discount of 400-0 yuan/mt, averaging 200 yuan/mt, also stable. Morning trading on November 7 saw futures trending upward, with spot premiums holding steady. Nickel briquette prices rose by 575 yuan/mt to 126,050-126,350 yuan/mt, though availability remains limited. The price differential between nickel sulphate and nickel briquette stood at approximately 2,223 yuan/mt, with nickel sulphate priced lower.
Stock levels also reflected slight adjustments across exchanges. LME inventories decreased by 18 tonnes to 147,258 tonnes, while SHFE stocks declined by 221 tonnes to 28,643 tonnes. MCX stocks remained steady at 8.84 tonnes.
Overall, regional market dynamics varied, with SHFE showing open interest shifts and LME prices buoyed by supply concerns. Chinese spot premiums held firm despite futures fluctuations, signalling resilient demand.
(By Commoditiescontrol Bureau: 09820130172)
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