Overnight, LME copper opened at $9,678.5/mt, touching a low of $9,664/mt shortly after the opening bell.

[6.17 Morning Meeting Minutes] LME nickel prices declined slightly this week. Demand side, despite signs of recovery in nickel salt demand MoM in June, the overall demand remained in a sluggish phase. Affected by the presence of some raw material inventory and weak order demand, the inquiry and transaction activity of precursor companies for nickel salt were low during the traditional procurement period this week.

Last Friday, due to international political conflicts, the price of sulfur in China increased by 40 yuan/mt on the day. The instability of international politics may have an impact on the price trend of sulfur in Indonesia. It is expected that the downward trend in sulfur prices in Indonesia will ease, and prices are expected to remain around USD 280-290 this week.

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 $12,615/mt Ni.

On June 16, the SMM battery-grade nickel sulphate index price was 27,577 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,580-28,050 yuan/mt, and the average price remained stable WoW.

[Morning Meeting Minutes on June 16] Last week, nickel ore prices in the Philippines remained stable. The CIF prices of Philippine laterite nickel ore (NI1.3%) from the Philippines to China were $44-45/wmt, and the FOB prices were $34-36/wmt. The CIF prices of laterite nickel ore (NI1.5%) were $59-60/wmt, and the FOB prices were $49-51/wmt. In terms of supply and demand, in terms of supply, although there was precipitation at major nickel ore loading points in the Philippines, the continuous rainfall during the week significantly impacted the loading progress of nickel mines, and the loading progress was generally delayed compared to expectations.