Recently, the market has been influenced by the rebound in futures prices and the MHP coefficient fluctuating at highs. As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) stands at 84%-85%, and the FOB price of Indonesian MHP is $12,634 per mt (Ni contained).

On Friday evening, LME copper opened at $9,375.5/mt. It initially dipped to $9,350/mt, fluctuated considerably during the session, hitting a high of $9,401.5/mt, and closed at $9,360/mt after continued fluctuations, marking a 1% decline.

【Summary of Morning Meeting on April 24】Last week, nickel prices continued the volatile pattern seen since mid-April. The average price of SMM1# refined nickel last week was 126,850 yuan/mt, up slightly by 0.5% WoW. LME nickel futures prices fluctuated rangebound around $15,600-15,800/mt. Expectations for US Fed interest rate hikes in June increased, putting pressure on LME nickel prices denominated in US dollars. Risk-averse sentiment among investors was pronounced, and the tug-of-war between longs and shorts in the market intensified.

Nickel prices continued to fluctuate this week, with inventory remaining at a high level. Nickel prices maintained the fluctuation pattern since mid-April, with the average price of SMM1# refined nickel at 126,850 yuan/mt, up 0.5% WoW. Inventory-wise, the Shanghai Bonded Zone inventory stood at around 5,800 mt, flat WoW, while the domestic social inventory was approximately 44,700 mt, with an inventory buildup of about 701 mt WoW. The high inventory level continues to suppress the upside room for nickel prices to some extent.

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

NICKEL ORE Indonesian ore prices remained stable with a slight upward trend in pyrometallurgy, while hydrometallurgical ore prices may experience a downward adjustment. High-Grade NPI The supply-demand imbalance of high-grade NPI may emerge, and prices are likely to remain in the doldrums.

Indonesian ore used for pyrometallurgy remained stable with a slight upward trend, while the price of ore used for hydrometallurgy may experience a downward adjustment.