【SMM Nickel Daily Review】On April 24, the spot price of refined nickel declined, putting pressure on nickel prices.

SMM Nickel April 25 News:

Spot Market: Today, the price of SMM 1# refined nickel was 125,600-127,950 yuan/mt, with an average price of 126,775 yuan/mt, down 175 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan No. 1 nickel was 2,000-2,300 yuan/mt, with an average premium of 2,150 yuan/mt, up 50 yuan/mt from the previous trading day. The premium and discount quotation range for Russian nickel was 100-300 yuan/mt, with an average premium of 200 yuan/mt, up 50 yuan/mt from the previous trading day.

Futures Market: The most-traded SHFE nickel contract opened slightly lower in the morning session, with the lowest price touching 125,500 yuan/mt. As of 11:30, the closing price was 125,770 yuan/mt, up approximately 0.06% from the previous trading day's settlement price.

Expectations for a US Fed interest rate hike in June have increased, coupled with a recovery in US manufacturing data, putting pressure on LME nickel prices denominated in US dollars. Currently, nickel prices are influenced by multiple macro factors, including the US-China tariff dispute, policy adjustments in Indonesia, and tightening US dollar liquidity, with cost support and surplus pressure coexisting.