[SMM Nickel Midday Review] On April 7, nickel prices retreated after rapid rise, as Trump stated Tuesday was the deadline for reaching a deal (

Published: Apr 7, 2026 11:44

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SMM Nickel News, April 7:

Macro and market news:

(1) Trump: Tuesday was the deadline for reaching a deal (8:00 AM Wednesday Beijing time); Iran's proposal was not good enough; a plan had been drawn up to destroy Iran's bridges and power plants within 4 hours; rather than letting Iran collect strait tolls, the US should collect them instead.

(2) To maintain ample liquidity in the banking system, today (April 7), the People's Bank of China conducted 800 billion yuan in outright reverse repo operations through fixed-quantity, rate-tendering, and multiple-price winning methods, with a term of 3 months (89 days) and a maturity date of July 5, 2026.

Spot market:

On April 7, SMM #1 refined nickel prices were flat compared with the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 3,650 yuan/mt, flat compared with the previous trading day; domestic mainstream brand electrodeposited nickel ranged from 600-400 yuan/mt.

Futures market:

The most-traded SHFE nickel 2605 contract surged sharply in the morning session before pulling back, closing at 133,420 yuan/mt in the morning session, down 0.64%.

In the short term, Indonesia's policy tightening and cost support have built a solid floor for nickel prices, but high inventory and weak end-use demand capped upside room. The most-traded SHFE nickel contract is expected to operate within a core range of 133,000-143,000 yuan/mt.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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