[SMM Nickel Midday Review] On August 19, nickel remains in the doldrums; leaders of the US, Russia, and Ukraine are expected to meet

SMM Nickel August 19 News:

Macro News:

(1) US President Trump met with visiting Ukrainian President Zelensky at the White House on the 18th, followed by a multilateral meeting with several European leaders. After the meeting, he stated that arrangements for a "Putin-Zelensky meeting" have begun, to be followed by a trilateral summit involving the US, Russia, and Ukraine.

(2) Premier Li Qiang of the State Council presided over the ninth plenary session of the State Council: continuously stimulating consumption potential, accelerating the cultivation of new growth points such as service consumption and new-type consumption; taking strong measures to consolidate the stabilization trend of the real estate market.

Spot Market:

Today's SMM #1 refined nickel price is 120,300-123,000 yuan/mt, with an average price of 121,650 yuan/mt, unchanged from the previous trading day. The mainstream spot premiums for Jinchuan #1 refined nickel are in the range of 2,300-2,400 yuan/mt, with an average premium of 2,350 yuan/mt, up 150 yuan/mt from the previous trading day. The quotation range for domestic mainstream brand electrodeposited nickel spot premiums and discounts is -50-300 yuan/mt.

Futures Market:

The most-traded SHFE nickel 2509 contract continued to be in the doldrums today, with prices pulling back slightly during the session. By midday, the SHFE nickel quote was 120,250 yuan/mt, down 0.44% on the day.

Current nickel prices are mainly influenced by macro sentiment. Expectations of domestic policy easing and a phased pullback in the US dollar provide support to nickel prices, but upside room remains constrained by geopolitical uncertainties and high inventory pressure. In the short term, nickel prices will oscillate amid a tug-of-war between weak fundamentals and supportive macro sentiment, with a price range of 119,000-123,000 yuan/mt.