【SMM Nickel Daily Review】On April 21, the spot price dropped slightly, with short-term prices mainly fluctuating.

SMM Nickel April 21 News:

Spot Market: Today, the price of SMM 1# refined nickel was 125,450-128,350 yuan/mt, with an average price of 126,900 yuan/mt, down 400 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan No. 1 nickel was 2,300-2,600 yuan/mt, with an average premium of 2,450 yuan/mt, up 100 yuan/mt from the previous trading day. The premium and discount quotation range for Russian nickel was 0-300 yuan/mt, with an average premium of 150 yuan/mt, unchanged from the previous trading day.

Futures Market: Today, SHFE nickel futures showed a sideways movement, with the most-traded contract 2505 closing at 125,930 yuan/mt, up 0.25%, and the intraday fluctuation range was 124,660-126,450 yuan/mt.

Nickel prices may maintain a sideways movement in the range of 120,000-128,000 yuan/mt in the short term, as the cost game from the implementation of Indonesian policies and the pressure from high inventory create a tug-of-war between bulls and bears. In addition, macro factors also had a certain impact on nickel prices, with uncertainties in the US dollar trend, international trade situation, and global economic situation making market investors cautious.