SMM High-Grade NPI Sentiment Factors Decline as Futures Slide and Market Sluggishness Persists

Published: Jun 11, 2026 17:17

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[SMM Nickel Flash] Jun 11 – SMM high-grade NPI market sentiment factor was 2.26, down 0.07 MoM; the high-grade NPI upstream sentiment factor was 2.72, down 0.09 MoM; and the high-grade NPI downstream sentiment factor was 1.81, down 0.04 MoM. Futures extended their gradual decline today, and NPI market trading remained sluggish, with price divergence becoming increasingly pronounced as the quotation price spread between buyers and sellers continued to widen.

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