[SMM Nickel Midday Review] Nickel Prices Continue to Rise on February 12, January US Non-Farm Payrolls Data Strongly Exceed Expectations

SMM Nickel February 12 News:

Macro and Market News:

(1) US Non-Farm Payroll Report — ① US seasonally adjusted non-farm payrolls increased by 130,000 in January, significantly exceeding market expectations, marking the largest increase since April 2025; the unemployment rate unexpectedly dropped to 4.3%, hitting a new low since August 2025.

(2) US President Trump posted, calling for continued negotiations with Iran, and no specific decisions were reached with Netanyahu. Iran's Supreme National Security Council Secretary and Supreme Leader's advisor Larijani stated that Iran is consulting with the US to determine the timing of the next round of talks.

Spot Market:

On February 12, SMM #1 refined nickel prices were 140,200-150,500 yuan/mt, with an average price of 145,350 yuan/mt, up 2,750 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 8,000-9,500 yuan/mt, with an average premium of 8,750 yuan/mt, down 750 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) hovered at highs during the session, closing at 140,560 yuan/mt by the morning session, up 2.48%.

There is new progress regarding the market's focus on Indonesia's nickel ore quota (RKAB) policy. Indonesian officials revealed that the 2026 nickel ore RKAB production target is set at 260-270 million mt, consistent with previous market expectations, boosting market sentiment. Nickel prices are expected to hold up well in the short term.