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![[SMM In-Depth Analysis] Off-Season Futures Surge Creates Arbitrage Window: High-Grade NPI Price Drivers and Outlook](https://imgqn.smm.cn/production/admin/votes/imagesFktaO20240312144803.png)
[SMM In-Depth Analysis] Off-Season Futures Surge Creates Arbitrage Window: High-Grade NPI Price Drivers and Outlook
Jan 07, 2026 17:09
[SMM In-Depth Analysis: Off-Season Futures Surge Creates Arbitrage Window: High-Grade NPI Price Drivers and Outlook] Recently, the market has been trading on expectations of a supply deficit in Indonesia, while non-ferrous metals have generally risen amid macro events, driving nickel prices and high-grade NPI prices steadily higher. Against a backdrop of sluggish end-use consumption, what is supporting the continuous rise in high-grade NPI prices? The detailed analysis is as follows:
![[SMM Analysis] Lithium Carbonate Market 2025 Review & 2026 Outlook: From Surplus to Demand-Driven Deficit, Market to Stabilize via Price-Supply Rebalancing](https://imgqn.smm.cn/production/admin/news/cn/thumb/TmtQS20180719180222.png?imageView2/1/w/176/h/110/q/100)
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