[SMM Daily Review of Nickel Sulphate] July 1: Nickel salt prices remain stable

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On July 1, the SMM battery-grade nickel sulphate index price stood at 27,190 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,200-27,600 yuan/mt. The average price remained stable compared to the previous day.

On the cost side, LME nickel prices rebounded due to broad-based non-ferrous metal price gains and oversold recovery. Overall, immediate production costs for nickel salts increased. From the supply side, some nickel salt smelters halted production for maintenance due to losses, while others maintained stable quotations. On the demand side, precursor manufacturers reduced pricing inquiries amid weak demand. This week, market transaction volumes and inquiry activity remained subdued.

Looking ahead, sentiment is expected to drive nickel sulphate prices upward, but the upward magnitude will remain constrained by weak downstream demand.

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