[SMM Nickel Midday Review] Nickel Prices Rebound Slightly on November 24 as U.S.-Ukraine Talks Make Significant Progress

SMM Nickel November 24 News:

Macro and Market News:

(1) On November 23 local time, US Secretary of State Rubio stated that the talks held between the US and Ukraine in Geneva, Switzerland that day were the most productive and meaningful meeting the two sides have held so far. It is reported that the US and Ukraine made significant progress in the talks regarding "plans to end the Russia-Ukraine conflict" and discussed a foundational document, but have not yet reached an agreement on how to ensure Kyiv's security.

(2) The US Bureau of Labor Statistics stated that it will not release the October Consumer Price Index (CPI) report, citing an inability to retrospectively collect data that could not be gathered during the government shutdown. The agency indicated it can obtain most non-survey data for the month and will publish October's figures in the November CPI report "where possible." The November CPI report is now scheduled for release on December 18.

Spot Market:

On November 24, the SMM #1 refined nickel price was 115,400-120,000 yuan/mt, with an average price of 117,750 yuan/mt, up 1,050 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 4,200-4,500 yuan/mt, with an average premium of 4,350 yuan/mt, up 150 yuan/mt from the previous trading day. The spot premium/discount quotation range for mainstream domestic brands of electrodeposited nickel was 0-500 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2601) fluctuated higher in the morning session, stabilizing at the 115,000 yuan/mt level. By the midday close, it was reported at 115,910 yuan/mt, up 0.98%.

Nickel prices temporarily gained technical support after consecutive declines, with both the LME and SHFE markets seeing a rebound. Short-term expectations for nickel prices point to fluctuations, while long-term pressure remains. The price range for the most-traded SHFE nickel contract is expected to be 114,000-118,000 yuan/mt.