






SMM Nickel News on July 4:
Macro News:
(1) US Treasury Secretary Bessent: Multiple major agreements are close to being reached; if countries that receive tariff letters fail to reach agreements, tariffs will revert to April levels starting August 1; US Commerce Secretary Lutnick: Tariffs will take effect on August 1, and Trump "is now setting tariff rates and agreements"; White House economic advisor Hassett also indicated that some trade negotiations may extend beyond the deadline.
(2) On July 6, 2025, Premier Li Qiang of the State Council attended the first session of the 17th BRICS Leaders' Summit in Rio de Janeiro, delivering a speech on the topics of "Peace and Security, Global Governance Reform". Leaders of BRICS member countries participated in the meeting, which was chaired by Brazilian President Lula. The meeting adopted the "Rio de Janeiro Declaration of the 17th BRICS Leaders' Summit".
Spot Market:
Today, the SMM 1# refined nickel price is 120,700-123,300 yuan/mt, with an average price of 122,000 yuan/mt, down 1,450 yuan/mt from the previous trading day. The mainstream spot premiums quotation range for Jinchuan #1 refined nickel is 1,900-2,200 yuan/mt, with an average premium of 2,050 yuan/mt, down 50 yuan/mt from the previous trading day. The spot premiums and discounts quotation range for electrodeposited nickel from mainstream domestic brands is -200-300 yuan/mt.
Futures Market:
The most-traded SHFE nickel contract (2508) fell rapidly after opening today, with the intraday decline accelerating. As of the midday session, SHFE nickel was quoted at 120,870 yuan/mt, down 1.31%, a significant decline.
In the near term, nickel prices may oscillate weakly within the range of 118,000-123,000 yuan/mt. Trump's July 9 global tariff deadline is approaching, and countries that have not reached trade agreements face the risk of tariff increases. Market risk aversion sentiment has surged, with macro risk aversion sentiment suppressing rebound momentum.
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