[SMM Nickel Midday Review] On July 28, nickel prices dropped sharply. Profits of industrial enterprises above designated size nationwide grew 18.7% in the January-June period.

Published: Jul 28, 2026 14:19

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SMM Nickel July 28 News:

Macro and Market News:

(1) The National Bureau of Statistics (NBS): From January to June 2026, profits of industrial enterprises above the designated size nationwide increased by 18.7%.

(2) Middle East Situation – Trump: There is sufficient patience to reach a new agreement with Iran, and negotiations are underway. The window for talks is limited, and if negotiations break down, military action will resume.

Spot Market:

On July 28, SMM #1 refined nickel averaged 132,150 yuan/mt, down 850 yuan/mt from the previous trading day. Regarding spot premiums, Jinchuan #1 refined nickel averaged 1,250 yuan/mt, up 50 yuan/mt from the previous trading day, with mainstream domestic electrodeposited nickel brands ranging from -400 to 500 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2609) fell sharply during the day, closing at 131,010 yuan/mt, down 1.35%.

Long-Short Rating: ? Consolidate on a subdued note

Expected Trading Range:

The most-traded SHFE nickel contract (NI2609): 128,000-135,000 yuan/mt; LME Nickel: $16,700–$17,200/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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