SMM Nickel Market Morning Comment (Nov 11)

Published: Nov 11, 2024 09:25

Source: SMM

Save

Last week, refined nickel prices fluctuated upward, ranging from 124,000 to 130,000 yuan/mt.

Last week, refined nickel prices fluctuated upward, ranging from 124,000 to 130,000 yuan/mt. Fundamentals, there were no significant structural changes compared to the previous week. From the perspective of the nickel industry chain, current demand shows no significant improvement. The procurement activity for NPI by stainless steel and nickel sulphate by ternary cathode precursors remains low. During the week, nickel sulphate prices remained stable with a weak trend, while NPI prices saw a slight correction. On the fundamentals of refined nickel, demand from downstream alloy, casting, and electroplating sectors was weak, and the shipment of nickel plates was low. Additionally, with the price increase during the week and stable premiums/discounts, the stocking costs for downstream manufacturers have risen, resulting in overall low stocking enthusiasm. Currently, the speculation in the nickel industry chain is still focused on the nickel ore end. With the future policies remaining unclear, the market continues to trade on the tight supply of nickel ore. Therefore, SMM expects that nickel prices will still fluctuate at a relatively high level this week, but with limited upward space due to weak fundamentals. The expected range is 128,000 to 133,000 yuan/mt.

Market forecast Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

11 hours ago

[SMM Nickel Morning Meeting Summary] US Stocks Rebound, Macro Pressure Eases, the Most-Traded SHFE Nickel Contract Edges Up in Early Trading

[9.21 Morning Meeting Notes] After the rate hike landed, US stocks rallied across the board, with a "bad news exhausted" rally unfolding. Overnight, the Dow rose 0.61%, the S&P 500 gained 1.14%, the Nasdaq advanced 1.69%, and the Philadelphia Semiconductor Index surged 3.14% (Arm up 8%, Intel up 7%, AMD/SanDisk up 6%); the 10-year Treasury yield pulled back from 5.02% to 4.94%, and the US dollar index edged down to 100.22. After the market digested the hawkish dot plot, risk appetite recovered, and European stocks closed higher in tandem. The most-traded SHFE nickel contract (2610) retreated after a rapid rise in early trading, closing the morning session at 123,640 yuan/mt, up 0.62%. After the US Fed's rate hike landed, global risk appetite recovered, and macro pressure eased in stages; SHFE nickel's rebound momentum remained mild, and with nickel's own high inventory and weak demand pattern unchanged, in the short term, the most-traded SHFE nickel contract price is expected to trade in the range of 122,000-126,000 yuan/mt.

11 hours ago

12 hours ago

[SMM Analysis] Detailed Data on China's Sulphuric Acid Production in August

NBS data shows that China's sulphuric acid (100% equivalent) production in August was 7.984 million mt, down 308,000 mt from 7.676 million mt in July, a YoY decline of 15.5%. The cumulative production of sulphuric acid (100% equivalent) in 2026 was 68.141 million mt, a cumulative YoY decline of 4.6%.

12 hours ago

17 hours ago

[SMM Analysis] China Sulphur and Sulphuric Acid Import and Export Data for August

In August 2026, China's total monthly sulphur imports were 272,323.414 mt in physical content, down 29.34% MoM and down 65.03% YoY, with the main import sources being the UAE, South Korea, Canada, Japan, Kazakhstan, Vietnam, Singapore, and the Philippines. China's total monthly sulphur exports were 48 mt in physical content, down 96.34% MoM and up 26.32% YoY, with the main export destinations being Indonesia and South Korea. China's total monthly sulphuric acid imports were 9,938.436 mt in physical content, up 831.85% MoM and up 1,051.37% YoY, with the main import sources being South Korea, Taiwan, China, Germany, and the US. China's total monthly sulphuric acid exports were 2,474.46 mt in physical content, up 153.47% MoM and down 99.43% YoY, with the main export destinations being Angola, Ghana, Cambodia, Hong Kong, China, Vietnam, Singapore, Malaysia, and Tanzania.

17 hours ago