






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.
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