SMM Nickel Midday Review: Indonesia's New Resource Tax Regulation Took Effect on April 17, Nickel Prices Continued to Strengthen

SMM Nickel April 17 News:

Spot Market: Today, the price of SMM 1# refined nickel was 125,950-128,900 yuan/mt, with an average price of 128,775 yuan/mt, up 2,500 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan No. 1 nickel was 2,700-2,800 yuan/mt, with an average premium of 2,750 yuan/mt, down 100 yuan/mt from the previous trading day. The premium and discount quotation range for Russian nickel was 0-300 yuan/mt, with an average premium of 150 yuan/mt, down 75 yuan/mt from the previous trading day.

Futures Market: The most-traded SHFE nickel contract continued to open higher, surging in the early session, with the highest price reaching 126,400 yuan/mt. As of 11:30, the closing price was 126,000 yuan/mt, up 1.50% from the previous trading day's settlement price.

Today, the nickel market continued to fluctuate upward, with spot prices rising further. The implementation of Indonesia's new resource tax regulations and cost support pushed the price center higher, but the supply-demand imbalance and inventory pressure remain, leading to cautious market sentiment.