[SMM Nickel Midday Review] Nickel Prices Surged Sharply on January 15, Central Bank Conducted 900 Billion Yuan in Outright Reverse Repo Operations

SMM Nickel January 15 News:

Macro and Market News:

(1) The central bank announced that to maintain ample liquidity in the banking system, on January 15, 2026, the People's Bank of China will conduct 900 billion yuan in outright reverse repo operations via fixed quantity, interest rate tender, and multiple-price winning methods, with a maturity of 6 months (181 days).

(2) On January 14, 2026, approved by the China Securities Regulatory Commission, the Shanghai, Shenzhen, and Beijing Stock Exchanges issued notices to adjust the margin ratio for financing, raising the minimum margin ratio for investors' financing purchases of securities from 80% to 100%.

Spot Market:

On January 15, the SMM #1 refined nickel price was 144,600-155,500 yuan/mt, with an average price of 150,050 yuan/mt, up 3,600 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 7,500-8,500 yuan/mt, with an average premium of 8,000 yuan/mt, down 750 yuan/mt from the previous trading day. The spot premium/discount quotation range for mainstream domestic brands of electrodeposited nickel was -200-500 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2602) rose to a high of 151,000 yuan/mt during the night session, fluctuated in the morning session, and closed at 145,280 yuan/mt in the morning session, up 3.04%.

The nickel market remains in a fierce tug-of-war between "strong expectations for Indonesian policies" and "the reality of high inventory and weak demand." In the short term, as long as expectations for production cuts on the Indonesian supply side persist, nickel prices may continue to hover at highs.