SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the non-ferrous metal market.

As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) ranges from 83.5% to 84%, and the FOB price of Indonesian MHP is $12,664/mt Ni.

On June 3, the SMM battery-grade nickel sulphate index price was 27,702 yuan/mt, with a quotation range for battery-grade nickel sulphate of 27,700-28,130 yuan/mt. The average price remained stable WoW.

Futures Market: Overnight, LME copper opened at $9,604.5/mt. After fluctuating considerably to reach an intraday low, it surged straight up to a high of $9,636.5/mt, then fluctuated downward. Near the close, it hit a low of $9,578/mt before finally closing at $9,615/mt, marking a 1.24% increase.

[Summary of Morning Meeting on June 3] Today, the SMM 1# refined nickel price was 120,900-123,750 yuan/mt, with an average price of 122,325 yuan/mt, an increase of 800 yuan/mt from the previous trading day. The mainstream quotation range for spot premiums of Jinchuan #1 refined nickel was 2,500-2,700 yuan/mt, with an average premium of 2,600 yuan/mt, an increase of 100 yuan/mt from the previous trading day. The quotation range for premiums and discounts of Russian nickel was 100-400 yuan/mt, with an average premium of 250 yuan/mt, unchanged from the previous trading day.

The progress of the recall incident this week is as follows:

This week, the average price of SMM8-12% high-nickel pig iron was 953.3 yuan per nickel point (including tax, ex-factory), marking an increase of 6 yuan per nickel point compared to last week. Overall, the price of high-nickel pig iron has shown a slight upward trend this week.

The sharp fluctuations in nickel prices in May were mainly due to macro disturbances. After excluding abnormal disturbances in the candlestick, SHFE nickel futures prices mainly showed a slow decline under the dual pressures of "weak fundamentals" and "high inventory".

[SMM Daily Review: Market Sentiment Leans Towards Wait-and-See, Short-Term High-Grade NPI Prices Remain Stable] On May 30, the average price of SMM 8-12% high-grade NPI was 954 yuan/mtu (ex-factory, tax included), unchanged from the previous working day...