SMM High-Grade NPI Market Sees Bull-Bear Divergence, Price Spread Remains Wide

Weather conditions across the major nickel-producing regions are expected to remain generally manageable next week. Central Sulawesi, Southeast Sulawesi (Kolaka/Konawe), and Halmahera are forecast to experience frequent light to moderate showers with occasional thunderstorms, with rainfall expected to be intermittent and unlikely to cause prolonged disruptions. Zambales is likely to see the wettest conditions, with more persistent rainfall throughout the week, posing a relatively higher risk of localized impacts on mining and logistics. In contrast, Surigao is expected to remain comparatively drier, with only isolated showers. Overall, while intermittent rainfall may lead to localized operational delays, no widespread weather event is currently expected to significantly disrupt regional mining or shipping activities.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 14 Jul , 2026