SMM, June 22 –
June 22 – The SMM high-grade NPI market sentiment factor stood at 2.31, down 0.05 MoM; the upstream high-grade NPI sentiment factor was 2.72, down 0.07 MoM; and the downstream high-grade NPI sentiment factor was 1.90, down 0.03 MoM. Today, the futures market slumped sharply, while the spot market showed divergence, with the divergence between longs and shorts significantly intensifying. Overall, the pattern was characterized by futures dragging on sentiment, spot price resilience, and a widening bid-ask spread. Supply side, spot offers remained at a high range overall, with strong willingness to hold prices firm; the spot trend did not fully follow the decline in futures, and pricing logic was highly focused on spot shortages and nickel unit content. Demand side, views polarized: amid tight spot supply, some downstream buyers made small purchases to restock, but most buyers, affected by the sharp drop in nickel prices, had a strong desire to push for lower prices, making it hard to match the high offers from suppliers. Overall, the sharp futures decline brought short-term sentiment suppression, but high-grade NPI prices remained resilient, and the tug-of-war between longs and shorts intensified. The short-term market stayed in a high-level stalemate, with polarized trading activity in a volatile pattern.
![[SMM Analysis] May Hydrometallurgy Intermediate Products Import and Export](https://imgqn.smm.cn/usercenter/WNjzM20251217171732.jpeg)
![[SMM Flash News] Indonesia Reportedly Considering Easing Nickel Mining Quotas in H2; Unconfirmed by ESDM](https://imgqn.smm.cn/usercenter/KFwsY20251217171734.jpg)
