Home / Metal News / [SMM Nickel Midday Review] On July 9, nickel prices fell below 119,000 yuan/mt Ni, and China's economic growth during the 14th Five-Year Plan period will exceed 35 trillion yuan.

[SMM Nickel Midday Review] On July 9, nickel prices fell below 119,000 yuan/mt Ni, and China's economic growth during the 14th Five-Year Plan period will exceed 35 trillion yuan.

iconJul 9, 2025 11:42
Source:SMM

SMM Nickel News on July 9:

Macro News:

(1) Trump: Tariffs will be imposed starting August 1, with no extensions granted. A 50% tariff will be imposed on imported copper, and drug tariffs may reach as high as 200%, but pharmaceutical manufacturers will be given 18 months to adjust. Tariffs on semiconductors will be announced soon; it may take two days before tariff letters are sent to the EU.

(2) On July 9, the State Council Information Office held a press conference on the theme of "High-quality Completion of the 14th Five-Year Plan". Zheng Shanjie stated that China's economic growth rate averaged 5.5% over the past four years, and the economic increment during the 14th Five-Year Plan period will exceed 35 trillion yuan.

Spot Market:

Today, the SMM 1# refined nickel price is 119,000-121,300 yuan/mt, with an average price of 120,150 yuan/mt, down 950 yuan/mt from the previous trading day. The mainstream spot premiums quotation range for Jinchuan #1 refined nickel is 1,900-2,100 yuan/mt, with an average premium of 2,000 yuan/mt, unchanged from the previous trading day. The spot premiums/discounts quotation range for electrodeposited nickel from mainstream domestic brands is -100-300 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2508) opened lower in the night session and continued to decline, maintaining a weak trend in the daytime session, with prices falling below 119,000 yuan/mt. As of the midday session, SHFE nickel was quoted at 118,960 yuan/mt, down 1.35%.

In the near term, nickel prices may oscillate weakly within the range of 118,000-123,000 yuan/mt. The US tariff threat has triggered a sharp rise in market risk-aversion sentiment, suppressing rebound momentum amid macro risk-aversion sentiment.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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