[SMM Nickel Midday Review] Nickel Prices Edged Down on April 10, March CPI Down 0.7% MoM

Published: Apr 10, 2026 11:40

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SMM Nickel News, April 10:

Macro and market news:

(1) Data from the NBS showed that in March, consumer demand pulled back seasonally after the extended Chinese New Year holiday, with the Consumer Price Index (CPI) down 0.7% MoM and up 1.0% YoY.

(2) Sources said that Iran had informed Pakistan, the mediator in the negotiations, that the Iranian delegation would not participate in peace talks with the US until a ceasefire was achieved in Lebanon. Previously, on April 9, Iranian Deputy Foreign Minister Sayed Khatibzadeh said the Iranian delegation would head to Islamabad, the capital of Pakistan, for negotiations.

Spot market:

On April 10, SMM #1 refined nickel prices rose 200 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 3,350 yuan/mt, flat from the previous trading day; mainstream domestic electrodeposited nickel brands ranged from -400 to 400 yuan/mt.

Futures market:

The most-traded SHFE nickel 2605 contract surged in the morning session before pulling back slightly, closing at 133,210 yuan/mt, down 0.72%.

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

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.

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