[SMM Nickel Midday Review] Nickel prices edged down on May 19; Warsh to assume role as Fed Chairman on Friday

Published: May 19, 2026 11:37

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SMM Nickel News, May 19:

Macro and market news:

(1) Warsh will be sworn in as Fed Chairman at a ceremony at the White House on Friday, presided over by Trump.

(2) Trump said that at the request of Middle Eastern countries, the attack on Iran originally scheduled for Tuesday was postponed. Should an acceptable deal not be reached, a massive full-scale military strike against Iran should be ready for immediate execution at any time.

Spot market:

On May 19, SMM #1 refined nickel prices fell 300 yuan/mt from the previous trading day. In terms of spot premiums, Jinchuan #1 refined nickel averaged 1,450 yuan/mt, down 100 yuan/mt from the previous trading day, and domestic mainstream brand electrodeposited nickel ranged from -500-500 yuan/mt.

Futures market:

The most-traded SHFE nickel 2606 contract retreated after rapid rise in the morning session, closing at 141,960 yuan/mt, down 0.07%.

After the previous rally in nickel prices, concentrated position closing by bulls for profit-taking, combined with high inventory and pessimistic macro sentiment, led to significant capital outflows, and nickel prices pulled back sharply under pressure. However, the bottom cost support brought by high sulfur prices still exists, and expectations for supply-side tightening going forward remain strong, leaving room for nickel prices to rise and recover. In the short term, the most-traded SHFE nickel contract is expected to trade in the range of 142,000-152,000 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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