[SMM Nickel Midday Review] On July 14, nickel prices dropped slightly. US Fed's Goolsbee said the latest tariff threats might delay an interest rate cut

SMM Nickel News on July 14:

Macro News:

(1) US Fed - ① Fed's Goolsbee: The latest tariff threats may delay interest rate cuts. ② US Fed responds to White House "accusations": The rising cost of building renovations partly reflects unforeseen construction conditions. ③ "Fed's mouthpiece": The building renovation dispute challenges the Fed's independence again, and no interest rate cut is expected this month. ④ Hassett: Whether Trump fires Powell or not, the Fed's response to headquarters renovations is key.

(2) On July 11, 2025, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with US Secretary of State Rubio in Kuala Lumpur. The two sides exchanged views on China-US relations and issues of mutual concern. Wang Yi comprehensively elaborated on China's principled position on developing China-US relations, emphasizing that both sides should translate the important consensus reached by the heads of state of the two countries into specific policies and actions. It is hoped that the US will view China with an objective, rational, and pragmatic attitude, formulate its China policy with the goal of peaceful coexistence and win-win cooperation, and engage with China on an equal, respectful, and mutually beneficial basis to jointly find the right way for China-US relations in the new era.

Spot Market:

Today, the SMM 1# refined nickel price is 120,600-122,900 yuan/mt, with an average price of 121,750 yuan/mt, down 400 yuan/mt from the previous trading day. The mainstream spot premiums quotation range for Jinchuan #1 refined nickel is 1,900-2,000 yuan/mt, with an average premium of 1,950 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 -100-300 yuan/mt.

Futures Market:

The most-traded SHFE nickel 2508 contract closed down 0.5% at 120,590 yuan/mt in the night session, gradually strengthened in the daytime session, rising to a high of 121,280 yuan/mt. As of the midday session, SHFE nickel was quoted at 120,970 yuan/mt, down 0.18%.

Recently, the domestic concept of "anti-rat race" competition has boosted the commodity market, offsetting external negative factors, and nickel prices have rebounded along with the rise. The external macro environment remains uncertain in the future, and nickel prices are expected to maintain a fluctuating trend, with a price range of 118,000-123,000 yuan/mt.