[SMM Nickel Midday Review] On April 27, nickel prices surged significantly to a high of 150,000, with total profits of China's above-scale industrial enterprises up 15.5% YoY in January-March

SMM Nickel News, April 27:

Macro and market news:

(1) To maintain ample liquidity in the banking system, on April 27, 2026, the People's Bank of China will conduct a 400 billion yuan MLF operation with a 1-year tenor through fixed-quantity, interest rate bidding, and multiple-price winning methods.

(2) According to the National Bureau of Statistics announcement on April 27, from January to March, industrial enterprises above designated size nationwide achieved total profits of 1.696 trillion yuan, up 15.5% YoY.

Spot market:

On April 27, SMM #1 refined nickel prices rose 4,350 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,350 yuan/mt, down 500 yuan/mt from the previous trading day; domestic mainstream brand electrodeposited nickel ranged from -800 to 600 yuan/mt.

Futures market:

The most-traded SHFE nickel 2606 contract hit an intraday high of 150,280 yuan/mt and closed at 148,680 yuan/mt in the morning session, up 2.62%.

Indonesia's quota tightening policy continued to intensify, the sulfur supply crisis worsened, MHP production was hampered, and sulfur prices continued to rise amid tight supply, providing strong cost support. Combined with recent news of production halts and production cuts at Indonesian smelters, nickel prices held up well. The most-traded SHFE nickel contract is expected to trade in the range of 140,000-150,000 yuan/mt.