[SMM Nickel Midday Review] Nickel Prices Surged Then Pulled Back Sharply on January 30, Global Metal Markets Cooled Collectively

SMM Nickel January 30 Report:

Macro and Market News:

(1) Trump: Fed Chairman candidate to be announced next week; interest rates should be cut by 2 to 3 percentage points; will adopt a bipartisan approach to avoid a government shutdown.

(2) On January 28, People's Bank of China Governor Pan Gongsheng met with visiting Goldman Sachs Group Chairman and CEO David Solomon. The two sides exchanged views on global economic and financial conditions, China's macroeconomic policies, and China-US economic and trade relations.

Spot Market:

On January 30, SMM #1 refined nickel prices were 141,500-150,800 yuan/mt, with an average price of 146,150 yuan/mt, down 1,850 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 7,000-7,500 yuan/mt, with an average premium of 7,250 yuan/mt, up 200 yuan/mt from the previous trading day. The spot premium/discount quotation range for mainstream domestic brands of electrodeposited nickel was -500-400 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2603) retreated sharply after hitting the 150,000 yuan level during the night session and continued its decline in the morning session, closing the morning session at 140,090 yuan/mt, down 3.88%.

Macro sentiment and liquidity conditions cooled today, with global metal markets collectively experiencing sharp volatility and showing a "retreat after rapid rise" pattern, as short-term speculative funds took profits. The market is highly focused on the next US Fed Chairman candidate, and the uncertainty surrounding their policy stance led some investors to temporarily exit and wait on the sidelines.