SMM nickel, August 10 news:
Macro and market news:
(1) Data released by the National Bureau of Statistics (NBS) showed that in July, affected by international imported factors, the consumer price index (CPI) was down 0.1% MoM and up 0.5% YoY; core CPI, excluding food and energy prices, was up 0.3% MoM and up 0.9% YoY, with the overall CPI maintaining a mild increase.
(2) US nonfarm payrolls, seasonally adjusted, unexpectedly fell by 23,000 in July, the first decline since February; the unemployment rate edged down to 4.1%, the lowest since June 2025.
Spot market:
On August 10, SMM #1 refined nickel averaged 130,450 yuan/mt, up 550 yuan/mt from the previous trading day. As for spot premiums, Jinchuan #1 refined nickel averaged 1,300 yuan/mt, flat from the previous trading day, and mainstream domestic electrodeposited nickel premiums ranged from -200 to 400 yuan/mt.
Futures market:
The most-traded SHFE nickel 2609 contract moved sideways in the morning session, closing the morning at 129,570 yuan/mt, up 0.33%.
Currently, nickel prices are in a highly uncertain state, buffeted by sharply swinging policy expectations, macro headwinds, and geopolitical risks; in the short term, they are expected to swing wildly, with the most-traded SHFE nickel contract trading in a range of 125,000-133,000 yuan/mt.
