SMM Nickel News on July 24:
Macro News:
(1) In response to a reporter's question about the China-US-Sweden economic and trade talks, a spokesperson from the Ministry of Commerce stated that, as agreed by both China and the US, He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, will travel to Sweden from July 27 to 30 to hold economic and trade talks with the US side. Both China and the US will, in accordance with the important consensus reached during the phone call between the heads of state of the two countries on June 5, leverage the role of the China-US economic and trade consultation mechanism, and continue to conduct consultations on economic and trade issues of mutual concern based on the principles of mutual respect, peaceful coexistence, and win-win cooperation.
(2) Trump: Will impose simple tariffs ranging from 15% to 50% on most countries. Will always be willing to forgo tariff provisions if major countries can be persuaded to open their markets to the US.
Spot Market:
Today, the SMM 1# refined nickel price ranges from 123,500 to 125,900 yuan/mt, with an average price of 124,700 yuan/mt, up 650 yuan/mt from the previous trading day. The mainstream spot premiums quotation range for Jinchuan #1 refined nickel is 1,800-2,100 yuan/mt, with an average premium of 1,950 yuan/mt, unchanged from the previous trading day. The spot premiums and discounts quotation range for electrodeposited nickel from mainstream domestic brands is -100 to 300 yuan/mt.
Futures Market:
The most-traded SHFE nickel 2509 contract opened higher in the night session, with an opening price of 123,810 yuan/mt, and continued to rise in the daytime session, reaching a high of 124,480 yuan/mt. As of the midday session, SHFE nickel was quoted at 124,160 yuan/mt, up 0.50%.
The Ministry of Industry and Information Technology (MIIT) announced that it will soon launch a steady growth work plan for ten key industries, including steel and non-ferrous metals, clarifying the orientation of "adjusting the structure and phasing out outdated capacity." This policy continues to ferment, driving the market's optimistic expectations for supply-side reforms in industrial metals and boosting risk appetite for non-ferrous metals such as nickel. Driven by favorable macro sentiment, nickel prices maintain a fluctuating upward trend on the SHFE nickel market, with an expected price range of 120,000-125,000 yuan/mt.
