[SMM Nickel Midday Comment] On July 22, base metals collectively strengthened, and nickel prices rebounded and recovered.

Published: Jul 22, 2026 11:29

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SMM nickel July 22 news:

Macro and market news:

(1) Indonesian Finance Minister Purbaya, in a concluding speech during the bill debate on Tuesday, pointed out that the establishment of the Indonesian International Financial Center (Pusat Finansial Indonesia Internasional, or PFII) will attract foreign capital flows and sustainable investment portfolios, which will serve as a long-term financing source, expand the country's economic aggregate, and enable Indonesia's economy to grow faster.

(2) The US Trade Representative hinted that the US federal government will soon introduce a new tariff policy to replace the 10% global import tariff that is about to expire.

Spot market:

On July 22, the SMM #1 refined nickel average price was 131,200 yuan/mt, up 950 yuan/mt from the previous trading day. In terms of spot premiums, the Jinchuan #1 refined nickel average premium was 1,500 yuan/mt, down 150 yuan/mt from the previous trading day, and the domestic mainstream brand electrodeposited nickel range was -300 to 500 yuan/mt.

Futures market:

The most-traded SHFE nickel 2609 contract drifted higher in the morning session, closing at 131,860 yuan/mt by the end of the morning session, up 1.36%.

Base metals strengthened collectively, as funds bought undervalued varieties on dips, pushing nickel prices to undergo a phase of valuation repair. Meanwhile, nickel futures drifted higher on news about Indonesia quotas.

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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