📌 Nickel Update
Advisory Bazaar Info Services
🔹 Futures Market –
The most-traded SHFE nickel contract (2510) fluctuated within a high range in the night session and closed slightly higher at 122,310 yuan/mt, up 140 yuan/mt (0.11%). In today’s early session, SHFE nickel continued to move upward with fluctuations.
US economic data strengthened expectations of Fed rate cuts, as August non-farm payrolls came in far below expectations, the unemployment rate rose to 4.3%, and PPI growth slowed down. The probability of Fed rate cuts has now exceeded 96%. Loose policy expectations supported a rebound in nickel prices. Meanwhile, high-level China-US economic and trade consultations were held in Spain from September 14 to 17, covering tariff measures and export controls, easing some tense sentiment. Currently, the macro environment is favorable, but nickel fundamentals remain weak. In the short term, nickel is expected to fluctuate within 120,000–124,000 yuan/mt.
🔹 Macro and Market News –
(1) On September 16, the 18th issue of Qiushi magazine will publish an important article by President Xi Jinping titled “Advancing the Construction of a National Unified Market in Depth.” The article emphasizes addressing unfair low-price disorderly competition and effectively governing sectors severely affected by “involution” under laws and regulations.
(2) On September 16 (local time), the US Department of Commerce announced that the Bureau of Industry and Security (BIS) has set new procedures to include more derivative products of steel and aluminum within the tariff scope under Section 232 of the Trade Expansion Act of 1962, authorized by President Trump.
🔹 Spot Market –
On September 16, SMM #1 refined nickel prices stood at 122,300–124,900 yuan/mt, with an average of 123,600 yuan/mt, up 600 yuan/mt from the previous trading day. Mainstream spot premiums for Jinchuan #1 refined nickel were quoted at 2,100–2,300 yuan/mt, averaging 2,200 yuan/mt, down 100 yuan/mt from the previous day. Mainstream domestic brands of electrodeposited nickel were quoted between -100 and 200 yuan/mt.