[SMM Nickel Midday Review] Nickel prices edged lower on February 10, with market trading turning sluggish.

SMM Nickel February 10 News:

Macro and Market News:

(1) On the morning of the 9th, General Secretary Xi Jinping visited the National Information Innovation Park in Beijing Yizhuang to learn about the application innovation of information technology and Beijing's accelerated construction of an international science and technology innovation center, inspected representative scientific and technological innovation achievements, and cordially exchanged with representatives of scientific researchers and heads of technology enterprises.

(2) In terms of further supporting the innovative development of high-quality listed companies, the Shanghai, Shenzhen, and Beijing Stock Exchanges clarified that for high-quality listed companies with standardized operation, governance, and information disclosure, representativeness, and market recognition, the refinancing review process will be optimized to further improve refinancing efficiency.

Spot Market:

On February 10, the SMM #1 refined nickel price range was 133,400-144,500 yuan/mt, with an average price of 138,950 yuan/mt, down 500 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 9,500-10,200 yuan/mt, with an average premium of 9,850 yuan/mt, up 350 yuan/mt from the previous trading day. The spot premium/discount quotation range for mainstream domestic brands of electrodeposited nickel was -400-400 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2603) fluctuated and trended lower during the session, closing the morning session at 133,300 yuan/mt, down 0.21%.

As the Chinese New Year holiday approaches, market trading tends to be sluggish, with futures prices mainly fluctuating, while spot prices are weak due to stagnant actual demand. After the holiday, attention should be paid to the actual implementation of Indonesia's nickel ore quota policy.