[SMM Nickel Midday Review] Nickel prices edged up on May 13; US April CPI up 3.8% YoY

Published: May 13, 2026 11:31

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SMM Nickel News, May 13:

Macro and market news:

(1) The US overall CPI annual rate in April was 3.8%, exceeding the expected 3.7% and hitting a new high since May 2023, with the energy index contributing over 40% of the overall increase.

(2) Iranian Foreign Ministry spokesperson Baghaei stated on May 12 that ending hostilities and lifting the blockade on the Strait of Hormuz were preconditions for any negotiations with the US.

Spot market:

On May 13, SMM #1 refined nickel prices rose 450 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,250 yuan/mt, up 50 yuan/mt from the previous trading day, while premiums for mainstream domestic electrodeposited nickel brands ranged at -700-500 yuan/mt.

Futures market:

The most-traded SHFE nickel 2606 contract moved sideways in the morning session, closing at 146,830 yuan/mt, down 0.07%.

Although Iran and the US had previously come close to reaching a framework agreement, the negotiations ultimately failed to produce formal terms. If the geopolitical deadlock continues to escalate and sulfur supply constraints remain unresolved, nickel prices still have upside room. In the short term, the most-traded SHFE nickel contract is expected to trade in the range of 145,000-150,000 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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