[SMM Nickel Midday Review] On June 10, nickel prices continued to plunge sharply, and CPI rose 1.2% YoY in May.

Published: Jun 10, 2026 12:29

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SMM nickel, June 10:

Macro and market news:

(1) National Bureau of Statistics (NBS): May CPI up 1.2% YoY, PPI up 3.9% YoY. National industrial producer ex-factory prices up 3.9% YoY, up 0.5% MoM. Industrial producer purchase prices up 5.8% YoY, up 1.3% MoM.

(2) According to Nikkei: The Bank of Japan plans to raise interest rates to 1% at its June meeting.

Spot market:

On June 10, SMM #1 refined nickel prices fell 2,200 yuan/mt from the previous trading day. Regarding spot premiums, the average for Jinchuan #1 refined nickel was 1,150 yuan/mt, up 100 yuan/mt from the previous trading day; China’s mainstream electrodeposited nickel brands ranged from -500 to 400 yuan/mt.

Futures market:

The most-traded SHFE nickel 2607 contract continued to drop sharply during the session, dipping to 134,000 yuan/mt, and closed the morning session at 134,310 yuan/mt, down 2.29%.

After the US nonfarm payrolls far exceeded expectations, market bets on rate hikes surged significantly, the US dollar index hit a two-month high, US bond yields stayed high, and macro headwinds continued to weigh on risk asset prices. US-Iran peace talks remain in a tug-of-war; sulfur cost support logic persists but the marginal impact of geopolitical news is diminishing. In the short term, nickel prices have slumped sharply under macro pressure, leaving room for a rebound ahead.

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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