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 $12,670/mt Ni.

On June 6, the SMM battery-grade nickel sulphate index price was 27,605 yuan/mt, with a quotation range for battery-grade nickel sulphate of 27,580-28,050 yuan/mt. The average price remained stable compared to yesterday.

[Summary of Morning Meeting on June 6] Domestically, nickel ore prices in the Philippines remain relatively firm, imposing a significant cost burden on smelters. Driven by the resumption of production at a smelter in North China after the completion of maintenance, production has seen a slight increase. In Indonesia, the premium for saprolite ore in the domestic trade remains relatively firm, with the HPM declining only slightly. Smelters enjoy strong cost support from nickel ore. The struggle of finished product prices to rise has led to a situation where mainstream smelters are still operating at a loss. However, due to the weak incentive to produce high-grade nickel matte, the overall decline in production is expected to be relatively limited.

The transaction market is sluggish, and nickel salt prices are declining.

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 $12,653/mt Ni.

On June 5, the SMM battery-grade nickel sulphate index price was 27,610 yuan/mt, with a quotation range for battery-grade nickel sulphate of 27,580-28,050 yuan/mt. The average price weakened compared to yesterday.

Overnight, LME copper opened at $9,640/mt, touching a low of $9,603.5/mt shortly after the opening bell.