【SMM Nickel Daily Review】On April 24, spot premiums for refined nickel declined, and nickel prices jumped initially and then pulled back in the morning session.

SMM Nickel April 24 News: Spot Market: Today, the price of SMM 1# refined nickel was 125,700-128,200 yuan/mt, with an average price of 126,950 yuan/mt, up 25 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan No. 1 nickel was 1,900-2,300 yuan/mt, with an average premium of 2,100 yuan/mt, down 150 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 100 yuan/mt from the previous trading day. Futures Market: The most-traded SHFE nickel contract opened strong in the morning session, once surging to 126,000 yuan/mt, but began to pull back after 10:30 AM. As of 11:30 AM, the closing price was 125,360 yuan/mt, down 0.43% from the previous trading day's settlement price. Expectations for a US Fed interest rate hike in June have intensified, coupled with a rebound in US manufacturing data, pushing the US dollar index to a monthly high of 99.2, putting pressure on LME nickel prices denominated in US dollars. Currently, nickel prices are influenced by multiple macro factors, including the US-China tariff dispute, policy adjustments in Indonesia, and tightening US dollar liquidity, with cost support and surplus pressure coexisting.