SMM Nickel: Futures Plunge, Spot Market Diverges, NPI Sentiment Mixed
[SMM Nickel Flash] As of June 22, the SMM high-grade NPI market sentiment factor stood at 2.31, down 0.05 MoM; the upstream sentiment factor for high-grade NPI was 2.72, down 0.07 MoM; and the downstream sentiment factor for high-grade NPI was 1.90, down 0.03 MoM. Today, futures plunged, but the spot market showed divergence, with bullish and bearish divergences intensifying significantly. The overall picture showed that futures dragged sentiment, spot prices remained resilient, and the bid-ask spread continued to widen.