Nickel Daily: SHFE nickel prices soften, with the overall spot trading of refined nickel remaining subdued

Nickel ore prices in the Philippines declined slightly but remained at elevated levels overall. Indonesia's new HPM regulation had taken effect, but traders and smelters were still negotiating premiums for new nickel ore. The domestic ore price in Indonesia remained at a high level.Nickel prices on the Shanghai Futures Exchange (SHFE) softened yesterday, with overall spot trading of refined nickel remaining subdued. The premium on Jinchuan's ex-factory price over SHFE nickel has narrowed, while market spot premiums have risen accordingly. The premiums/discounts for SHFE deliverable brands such as Huayou have remained stable with a slight upward trend. For PTENICO and DX-zwdx, which have been recently registered as SHFE deliverable brands, most holders took a wait-and-see approach in the morning, while quoting activity for other non-benchmark brands also decreased.

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