SMM Nickle Market Morning Comment (Jan 23)

Published: Jan 23, 2024 10:14

Source: SMM

Save

Overnight, the most-traded SHFE nickel contract opened at 127,750 yuan/mt, and closed at 125,940 yuan/mt, down 2,010 yuan/mt.

Overnight, the most-traded SHFE nickel contract opened at 127,750 yuan/mt, and closed at 125,940 yuan/mt, down 2,010 yuan/mt. Trading volume rose 3,326 lots, and open interest decreased by 385 lots. On the macro front, given the US CPI data on Jan 11, the core CPI has declined, boosting commodities. In addition, the inflation indicator will be released this week, cooling down the traders' expectations for an interest rate cut in March. Moreover, the news of the suspension of intermediate products projects drove SHFE nickel prices upward. From a fundamental perspective, LME inventory destocked slightly by 84 mt yesterday, with Baltimore being the main driver. Nickel price is expected to move sideways at lows.

Market forecast 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

12 hours ago

Indonesia's ESDM Announces New Nickel Ore HPM Benchmark Price — In-Depth Analysis of Impact on Nickel Prices

12 hours ago

13 hours ago

[SMM Analysis] Indonesia's HPM New Policy Pushes Up Costs: How Will the High-Grade NPI Market Change?

[SMM Analysis: Indonesia's HPM New Policy Pushes Up Costs — How Will the High-Grade NPI Landscape Change?] Recently, affected by Indonesia's nickel ore quota and HPM benchmark price adjustments, high-grade NPI production costs have seen a rigid increase. Combined with supply-side increments falling short of expectations and continued inventory destocking, market prices have fluctuated upward... The following is SMM's detailed analysis:

13 hours ago

15 hours ago

[SMM Stainless Steel Flash] Major China CR Stainless Producer Sees Profit Drop in 2025, Sets Higher 2026 Targets

A major Chinese cold-rolled stainless producer reported revenue of RMB 42.65 billion in 2025, up 11.88% YoY, while net profit fell 32.31% YoY to RMB 549 million. Cold-rolled stainless sales rose 7.67% YoY to 3.568 million mt. For 2026, the company targets sales of 3.8-4.0 million mt, revenue of RMB 45-50 billion, and net profit of RMB 585-750 million.

15 hours ago