Indonesian Nickel Ore Premiums Dropped? Another New Trend? NPI Prices Behaved The Same?

[6.27 Morning Meeting Minutes] Currently, the stainless steel market remains in the traditional off-season for consumption, with downstream demand failing to match the current supply level. Additionally, uncertainties such as US tariffs remain significant, leading to a strong wait-and-see sentiment among downstream players. Despite the widespread losses faced by stainless steel mills and reports of production cuts in the market, the current market supply remains at a relatively high level compared to the same period in history due to the large production base in the early stage. The repair of the supply-demand relationship still takes time. Both in-plant inventory and social inventory of stainless steel are at relatively high levels. Against the backdrop of the off-season for consumption, the de-stocking speed has slowed down significantly, placing substantial pressure on stainless steel mills, agents, and traders to ship goods, thereby limiting the rebound and rise of stainless steel prices.

Overnight, LME copper opened at $9,692.5/mt, reaching a high of $9,738.0/mt and a low of $9,684/mt, before closing at $9,727.0/mt, up 0.65%. Trading volume reached 14,874 lots, with open interest at 286,436 lots.

Overnight, LME copper opened at $9,643.5/mt, dipping to a low of $9,615.0/mt and peaking at $9,697.0/mt, before closing at $9,694.5/mt, up 0.35%.

On Friday evening, LME copper opened at $9,628.5/mt, surging to a high of $9,700/mt in the early session, then fluctuating downward, hitting a low of $9,621.5/mt during the session, and experiencing a slight correction towards the end, ultimately closing at $9,660.5/mt, up 0.43%.

This week, Indonesian HPM price for nickel ore dropped, however saprolite's premium remains high

Overnight, LME copper opened at $9,619.5/mt, hitting an intraday high of $9,635.5/mt shortly after the opening bell.