[SMM Nickel Midday Review] On July 30, nickel prices shot up and pulled back, and the July US Fed FOMC meeting kept interest rates unchanged.

Published: Jul 30, 2026 11:40

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SMM Nickel July 30 News:

Macro and Market News:

(1) The US Fed kept the federal funds rate target range unchanged at 3.5% to 3.75%. This marked the fifth consecutive rate hold this year. The Federal Open Market Committee (FOMC) passed the resolution with 9 votes in favor and 3 against.

(2) On the afternoon of July 29, Trump stated that because "Iran launched missiles at US troops in the Middle East," the US "will deal a heavy blow to Iran."

Spot Market:

On July 30, the SMM #1 refined nickel average price stood at 132,000 yuan/mt, up 500 yuan/mt from the previous trading day. In terms of spot premiums, the Jinchuan #1 refined nickel average was 1,200 yuan/mt, down 50 yuan/mt from the previous trading day, with the range for domestic mainstream brands of electrodeposited nickel at -300 to 500 yuan/mt.

Futures Market:

The most-traded SHFE nickel 2609 contract retreated after rapid rise in morning trading, with the morning session closing at 130,780 yuan/mt, up 0.28%.

The July FOMC meeting kept rates unchanged, and the US dollar weakened, pushing most non-ferrous metals to close higher. Expectations of tighter quotas in Indonesia and sulfur cost support firmed the bottom of nickel prices. The most-traded SHFE nickel contract is expected to trade in the range of 128,000-135,000 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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