SMM Nickel, July 10:
Macro and Market News:
(1) National Bureau of Statistics: In June 2026, China’s consumer price index rose 1.0% YoY, while the producer price index for industrial products rose 4.1% YoY.
(2) Ukraine’s military destroyed 12 Russian oil tankers and a petroleum terminal. Putin reportedly rejected peace talks and may escalate the situation in the coming months.
Spot Market:
On July 10, SMM #1 refined nickel prices rose by 1,550 yuan/mt from the previous trading day. For spot premiums, the average premium for Jinchuan #1 refined nickel was 2,250 yuan/mt, down 100 yuan/mt from the previous trading day, and the price range for electrodeposited nickel of mainstream domestic brands was -400-400 yuan/mt.
Futures Market:
The most-traded SHFE nickel contract (2609) consolidated at highs in the morning session, closing at 128,370 yuan/mt as of the end of morning trading, up 1.10%.
With macro sentiment recovering, nickel prices have recently rebounded. The price range for nickel is expected to remain at 125,000-135,000 yuan/mt in the period ahead.
![[SMM Nickel Sulphate Daily Review] July 10: Market Calm at the Beginning of the Month, Nickel Salt Prices Decline](https://imgqn.smm.cn/usercenter/PuSOO20251217171732.jpeg)
