SMM Nickel News on August 8:
Macro News:
(1) US Fed: ① Trump nominated Stephen Moore, Chairman of the White House Council of Economic Advisers, as a Fed Governor, with a term ending on January 31, 2026. ② It is reported that Waller is a strong candidate for the new Fed Chairman. ③ US Treasury Secretary Bessent: The interview process for the Fed Chairman has already begun. ④ Bostic: The July employment report indeed changed the Fed's view on employment goals.
(2) US-Russia Talks: ① Russian Presidential Aide: Russia and the US are preparing for a meeting between the two heads of state, with the goal of holding the meeting next week. ② Putin: The UAE is one of the suitable locations for a meeting with Trump, and he does not mind meeting Zelensky. ③ Trump's statement on the US-Russia summit: Putin does not need to agree to meet with Zelensky.
Spot Market:
Today, the SMM #1 refined nickel price is 120,600-123,300 yuan/mt, with an average price of 121,950 yuan/mt, a decrease of 200 yuan/mt from the previous trading day. The mainstream spot premiums quotation range for Jinchuan #1 refined nickel is 2,100-2,400 yuan/mt, with an average premium of 2,250 yuan/mt, unchanged 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 contract (2509) opened lower and fluctuated downward. As of the midday session, SHFE nickel was quoted at 121,080 yuan/mt, down 0.22%.
Weak US economic data and expectations for US Fed interest rate cuts have dominated market sentiment. Base metals are supported by loose liquidity, but weak demand limits gains. In the short term, nickel prices will oscillate amid the tug-of-war between weak fundamentals and macro sentiment support, with a price range of 119,000-123,000 yuan/mt.
