NPI prices remained stable and spot transactions picked up [SMM Nickel Morning Comment]

Published: Jan 10, 2024 10:00

Save

On January 9 evening, the most active SHFE nickel contract prices opened at 124380 yuan/mt and closed at 125750 yuan/mt, an increase of 1300 yuan/mt from the closing price of the previous trading day. The trading volume increased by 12205 lots, and open interest decreased by 9712 lots. Bears closed positions rationally. There can be sustainable price gains. From a macro perspective, the Fed's speech last night changed from doveish to hawkish, and the market's optimistic expectations for 2024 have cooled down. From a fundamental point of view, pure nickel warehouse receipt inventory continues to accumulate today, with LME inventory accumulating 3,558 tons. The increase mainly comes from warehouses in Rotterdam, Singapore and South Korea. It is expected that the nickel price may fall slightly in the near term.

Market review

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Apr 30, 2026 23:41

【SMM Analysis】Weekly Review of Indonesian Nickel Market - Apr 30

Apr 30, 2026 23:41

Apr 30, 2026 22:33

[SMM Nickel Market Flash] World Bank Says Indonesia’s New Nickel Capacity May Be Curbed by Tight Ore Supply

According to the World Bank’s April 2026 Commodity Markets Outlook, global refined nickel production is expected to increase modestly in 2026 and 2027 as new processing capacity comes online in Indonesia. However, the report warned that tighter upstream ore availability is likely to constrain capacity utilization. This suggests future growth in Indonesia’s nickel supply may depend increasingly on ore availability rather than nominal processing capacity alone.

Apr 30, 2026 22:33

Apr 30, 2026 22:32

[SMM Nickel Market Flash] World Bank Sees Nickel Prices Rising 12% in 2026 on Tight Supply

According to the World Bank’s April 2026 Commodity Markets Outlook, nickel prices are projected to rise 12% year on year in 2026 and a further 3% in 2027, as global consumption growth is expected to outpace supply expansion. The report said that although new nickel processing capacity will continue to come online in Indonesia, tighter upstream ore availability is likely to constrain utilization rates and keep the market tight. It also noted that further disruptions to sulfur exports from Middle East producers could become an additional upside risk for nickel prices.

Apr 30, 2026 22:32