Futures market: Overnight, LME copper opened at $9,606.5/mt, initially touched a low of $9,597/mt, then fluctuated upward rangebound, and finally closed at $9,678/mt, up 0.43%, with trading volume at 11,000 lots and open interest at 268,000 lots.

To ensure consistency between the data and its source and respond to customer feedback, we will uniformly adjust the date display of LME inventory data in our non-ferrous metal database.

Weak demand and sluggish transactions led to a decline in nickel salt prices this week.

On July 17, the SMM battery-grade nickel sulphate index price was 26,954 yuan/mt, with the quotation range for battery-grade nickel sulphate at 26,980-27,460 yuan/mt, and the average price remaining unchanged from yesterday.

Futures market: Overnight, LME copper opened at $9,610/mt, fluctuating rangebound in early trading before hitting a low of $9,588/mt.

[Morning Meeting Minutes on 7.17] US tariffs and economic data have disrupted the market, with LME nickel prices rebounding slightly. The immediate cost of nickel salts is expected to remain in the doldrums. Supply side, the overall inventory level of nickel salt smelters is low, with limited circulatable finished products. Some producers have shown reluctance to budge on prices, but weak demand has led to fewer transactions. Demand side, some producers have recently expressed restocking needs, and purchasing sentiment has slightly recovered compared to WoW. However, as the purchasing period has not yet arrived, the overall market enthusiasm for buying remains low.

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.