As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) ranges from 83.5% to 84%, and the FOB price of Indonesian MHP is $12,368/mt Ni.

On July 16, the SMM battery-grade nickel sulphate index price was 26,952 yuan/mt, with the quotation range for battery-grade nickel sulphate being 26,980-27,460 yuan/mt, and the average price remaining unchanged from yesterday.

Futures market: Overnight LME copper opened at $9,635.5/mt, initially fluctuated downward to hit a session low of $9,598/mt, then steadily climbed upward and reached a session high of $9,657.5/mt near the close, finally closing at $9,657.5/mt with a 0.15% gain.

[Morning Meeting Minutes on July 16] SMM reported on July 15 that the SS futures market showed a weak fluctuating trend during the day, influenced by the decline in SHFE nickel. In the spot market, driven by the increase in steel mills' futures prices, market trade quotes strengthened somewhat. Despite the continued weakness in downstream demand and the adverse impact of the futures market's pull back on transactions, resulting in unsatisfactory trading volumes, low-priced supplies had largely disappeared. Currently, due to the combined effects of production cuts by stainless steel mills and the rebound in the futures market from oversold conditions, the previous market downturn has eased somewhat. However, there has been no fundamental change in downstream demand, which remains in the off-season. Against the backdrop of market bulls and bears engaging in a tug-of-war, it is difficult for prices to rebound significantly.

On July 15, the SMM battery-grade nickel sulphate index price was 26,947 yuan/mt, and the quotation range for battery-grade nickel sulphate was 26,980-27,460 yuan/mt, with the average price declining compared to yesterday.

As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) ranges from 83.5% to 84%, and the FOB price of Indonesian MHP is $12,384/mt Ni.

(1) The National Bureau of Statistics (NBS) released data showing that China's GDP in H1 was 66,053.6 billion yuan, up 5.3% YoY at constant prices.

Futures market: Overnight LME copper opened at $9,609/mt, dipped to $9,575/mt in early trading, then fluctuated upward and peaked at $9,649/mt near the close, finally settling at $9,643.5/mt with a 0.2% loss.

[7.15 Morning Meeting Minutes] Nickel prices are under pressure, and the immediate cost of nickel salt has weakened slightly. Supply side, some producers have shown reluctance to budge on prices recently, but weak demand has led to fewer transactions. Overall inventory and production schedule levels at nickel salt smelters are low. Demand side, although some producers have taken restocking actions recently, the overall market buying enthusiasm remains low as the procurement period has not yet arrived.