SMM Nickel Flash: NPI Market Sentiment Weakens as Futures Drop and Trading Cools

Published: Jun 26, 2026 14:35

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[SMM Nickel Flash] June 26 news: SMM's high-grade NPI market sentiment factor stood at 2.12, down 0.06 MoM; the upstream sentiment factor for high-grade NPI was 2.44, down 0.08 MoM; and the downstream sentiment factor for high-grade NPI was 1.79, down 0.04 MoM. Futures continued to drop today, and the SHFE/LME price ratio advantage of nickel plate became prominent, leading to an overall weakening of the NPI market. The previous tight spot cargo logic was questioned, bargaining games intensified in the market, and trading cooled significantly.

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