[SMM Nickel Midday Review] On July 17, nickel prices plunged, and June broad money (M2) was up 8% YoY.

Published: Jul 17, 2026 11:50

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SMM Nickel July 17 News:

Macro and Market News:

(1) Iran stated that the Strait of Hormuz would not reopen under US pressure; foreign media also reported that Iran secretly ordered the Houthis to blockade the Bab el-Mandeb Strait if the US strikes its power facilities.

(2) Central bank: China’s aggregate social financing growth reached 20.84 trillion yuan in H1 2026, down 2.02 trillion yuan YoY. At end-June, broad money (M2) stood at 35.671 trillion yuan, up 8% YoY.

Spot Market:

On July 17, SMM #1 refined nickel prices fell 100 yuan/mt from the previous trading day. For spot premiums, Jinchuan #1 refined nickel averaged 1,750 yuan/mt, down 250 yuan/mt from the previous trading day, and the domestically mainstream electrodeposited nickel brands ranged from -300 to 500 yuan/mt.

Futures Market:

The most-traded SHFE nickel 2609 contract plunged in early trading, closing the morning session at 129,450 yuan/mt, down 1.14%.

Cost-side tailwinds from macro, policy, and raw materials, combined with improving technicals, give nickel prices rebound momentum, but weak demand and high inventories still cap upside room. In the short term, the most-traded SHFE nickel contract is expected to trade in a range of 127,000-133,000 yuan/mt.

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