[SMM Nickel Midday Review] Nickel Prices Rose Slightly on April 9, US Fed March Meeting Minutes Mentioned Rate Hikes

SMM Nickel News, April 9:

Macro and Market News:

(1) On April 8 local time, US President Trump posted on his social media platform "Truth Social" that any country providing military weapons to Iran would face "immediate 50% tariffs" on "any and all goods" sold to the US, adding that the measure would "take effect immediately" with "no exclusions or exemptions."

(2) US Fed March meeting minutes: more officials mentioned the possibility of rate hikes. The Fed's mouthpiece noted that the ceasefire made it harder for the Fed to decide.

Spot Market:

On April 9, SMM #1 refined nickel prices rose 50 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 3,350 yuan/mt, down 250 yuan/mt from the previous trading day; domestic mainstream brand electrodeposited nickel premiums ranged from -400 to 400 yuan/mt.

Futures Market:

The most-traded SHFE nickel 2605 contract opened higher today but then fluctuated downward, closing at 133,000 yuan/mt, down 0.02%.

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 in a core range of 133,000-143,000 yuan/mt.