[SMM Nickel Midday Review] On July 23, nickel prices jumped initially and then pulled back. The third round of China-US trade negotiations will be held next week.

SMM Nickel News on July 23:

Macro News:

(1) The Analysis Symposium on the Operation of Key Enterprises in the Non-ferrous Metals Industry in the First Half of 2025 was held at the headquarters of the China Non-ferrous Metals Industry Association. Relevant leaders from the MIIT stated that the Raw Material Industry Department of the Ministry of Industry and Information Technology had gradually carried out relevant work in response to issues raised by enterprises regarding capacity replacement and resource security.

(2) US Treasury Secretary Bessent announced in an interview with Fox News on the 22nd local time that the third round of China-US trade negotiations would be held in Stockholm, Sweden, next Monday and Tuesday. The two sides had previously held two rounds of talks in Geneva and London. Reports indicated that August 12th was the deadline for the suspension of tariff hikes between China and the US, and the latest round of negotiations aimed to postpone this deadline.

Spot Market:

Today, the SMM 1# refined nickel price stood at 122,700-125,400 yuan/mt, with an average price of 124,050 yuan/mt, up 500 yuan/mt from the previous trading day. The mainstream spot premiums quotation range for Jinchuan #1 refined nickel was 1,900-2,100 yuan/mt, with an average premium of 2,000 yuan/mt, unchanged from the previous trading day. The spot premiums and discounts quotation range for electrodeposited nickel from domestic mainstream brands was -100-300 yuan/mt.

Futures Market:

The most-traded SHFE nickel 2509 contract jumped initially and then pulled back, opening at 123,320 yuan/mt, reaching a high of 124,380 yuan/mt, and as of the midday session, the SHFE nickel price was quoted at 123,150 yuan/mt, down 0.23%, with significant resistance at 124,000 yuan/mt.

The MIIT announced that it would soon launch a work plan for stabilizing growth in ten key industries, including steel and non-ferrous metals, clarifying the orientation of "adjusting the structure and eliminating backward capacity". This policy continued to ferment, driving the market's optimistic expectations for supply-side reforms in industrial metals and boosting risk appetite for nickel and other non-ferrous varieties. Driven by favorable macro sentiment, nickel prices maintained a fluctuating upward trend on the SHFE nickel market, with an expected price range of 120,000-125,000 yuan/mt.