[SMM Nickel Sulphate Daily Review] On November 4, downstream purchasing sentiment was sluggish, and nickel sulphate prices declined.

On November 4, the SMM average price of battery-grade nickel sulphate declined.

Cost side, macro sentiment was again pressured by the US midterm elections, and nickel prices drifted lower today, with spot production costs for nickel sulphate ceasing to fall. Supply side, some producers held high inventory levels and sought production cuts to destock, keeping market supply pressure significant. Demand side, given expectations of reduced end-use demand, downstream enterprises showed weak sentiment for building spot order inventories and relatively low acceptance of nickel salt prices. Today, the Willingness to Sell Sentiment Factor for upstream nickel salt smelters was 2.1, the purchasing sentiment factor for downstream precursor plants was 2.0, and the sentiment factor for integrated enterprises was 2.1 (historical data can be queried in the database).

Looking ahead, spot market activity is expected to remain weak in the short term, with nickel sulphate prices under overall pressure.