HONG KONG, May 15 (Reuters) - The Shanghai Futures Exchange held talks with Russia’s Norilsk Nickel on Friday on delivery of metal against a new Chinese nickel contract, the exchange said.
The talks were held between Norilsk Sales Director Markus Meurer and the exchange’s senior executives, the exchange said on its website www.shfe.com.cn. It did not disclose further details.
There had been speculation that Norilsk would provide metal for delivery against the new Shanghai nickel futures contract <0#SNI:> after worries over a lack of exchange-approved supply.
The worries had pushed the most active July nickel contract up more than 8 percent since the launch of the new futures contract on March 27 in Shanghai.
Russia provided more than half of China’s imports of 130,617 tonnes of refined nickel and alloy in 2014. Norilsk is one of the world’s largest nickel and palladium miners.
Reporting by Polly Yam; editing by Susan Thomas