Nickel prices fluctuated downward overall this week, as market sentiment turned noticeably pessimistic under the dual impact of persistently high inventory pressure and macroeconomic events. At the beginning of the week, the most-traded SHFE nickel contract came under pressure and moved lower, once touching a weekly low of 118,980 yuan/mt. Subsequently, prices found support near the key 119,000 yuan/mt level and fluctuated rangebound. LME nickel prices moved largely in sync with domestic prices, falling below $15,000/mt during the week, with the latest quote at $15,065/mt, down 1.28% WoW. In the spot market, the average price of SMM #1 refined nickel was 121,230 yuan/mt this week, down 1,050 yuan/mt WoW. The average spot premium for Jinchuan nickel was 2,800 yuan/mt this week, up 450 yuan/mt WoW. The premiums and discounts for mainstream domestic brands of electrodeposited nickel ranged from -150 to 300 yuan/mt, higher WoW. Spot premiums for nickel cathode strengthened significantly this week, and as prices were at relatively low levels, downstream purchasing sentiment improved, with high stockpiling enthusiasm.

According to SMM, the comprehensive operating rate of the enamelled wire industry in October was 64.47%, down 3.65 percentage points MoM and 0.75 percentage points YoY. Among them, the operating rate of large enterprises was 64.15%, medium-sized enterprises was 65.34%, and small enterprises was 64.18%.

SMM Analysis：As of October 31, the most-traded SHFE zinc contract closed at 22,355 yuan/mt, down 10 yuan/mt for the month, a decline of 0.04%. In October, zinc prices fluctuated considerably, hitting a low of 21,800 yuan/mt mid-month before rebounding in the second half of the month to a high of 22,540 yuan/mt by month-end......

As of November 4, the operating rate of 50 steel mills specializing in construction materials nationwide stood at 35.72%, down 1.6% WoW; capacity utilization rate was 38.01%, down 1.64% WoW; daily average production of construction materials was 84,600 mt, down 3,700 mt WoW.

SMM's monthly base metal production data is scheduled for release at each month-end, aiming to uncover the true state of fundamentals from the ground up, dispel illusions in the capital market for industry chain participants and investors, and provide clearer insights into the future direction of the nonferrous metals market.