[SMM Nickel Midday Commentary] On March 30, nickel prices dropped slightly, and US voters’ dissatisfaction with Trump hit a record high

SMM Nickel News, March 30:

Macro and Market News:

(1) "No Kings" rallies broke out across the US in opposition to Trump. US voters' dissatisfaction with Trump hit a record high.

(2) US President Trump told the UK's Financial Times on the 29th that indirect talks between the US and Iran through intermediary Pakistan were "going well." But when asked whether a ceasefire agreement could be reached and the Strait of Hormuz reopened in the coming days, Trump did not disclose specific details.

Spot Market:

On March 28, the SMM price of #1 refined nickel fell by 1,300 yuan/mt from the previous trading day. In terms of spot premiums, the average price of Jinchuan #1 refined nickel was 4,750 yuan/mt, down 150 yuan/mt from the previous trading day; China's mainstream electrodeposited nickel brands were at -600-400 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2605) maintained a rangebound fluctuation and closed at 136,130 yuan/mt as of the end of this morning's session, down 0.23%.

Supply side, tightening nickel ore has evolved into dual cost support from "ore + taxes," providing solid support for the bottom of nickel prices, but weak end-use demand and continued inventory accumulation still capped upside room for nickel prices. Nickel prices were expected to maintain a fluctuating trend in the short term, with the core trading range of the most-traded SHFE nickel contract at 133,000-143,000 yuan/mt.