【SMM Nickel Daily Review】On April 22, the spot price of refined nickel declined, with short-term prices showing support.

SMM Nickel April 22 News: Spot market: Today, the price of SMM 1# refined nickel was 125,300-128,100 yuan/mt, with an average price of 126,700 yuan/mt, down 200 yuan/mt from the previous trading day. The mainstream spot premiums for Jinchuan No. 1 nickel were quoted in the range of 2,100-2,400 yuan/mt, with an average premium of 2,250 yuan/mt, down 200 yuan/mt from the previous trading day. The premiums and discounts for Russian nickel were quoted in the range of 0-300 yuan/mt, with an average premium of 150 yuan/mt, unchanged from the previous trading day. Futures market: The most-traded SHFE nickel contract opened higher in the morning and maintained an upward trend, closing at 125,850 yuan/mt by 11:30, slightly down from the previous settlement price. Nickel prices were supported by policy and macro sentiment in the short term, but medium and long-term prices remain constrained by high inventory and surplus pressure.