[SMM Nickel Midday Review] Nickel Prices Drop Slightly on February 5 as US January ADP Employment Data Falls Short of Expectations

SMM Nickel February 5 News:

Macro and Market News:

(1) US January "small non-farm payrolls" ADP employment data fell short of expectations. ADP Research Institute data released on Wednesday showed that private sector employment increased by only 22,000 jobs in January, below market expectations, and the previous month's data was revised downward.

(2) The central bank held the 2026 credit market work conference, focusing on supporting key areas such as expanding domestic demand, technological innovation, and small, medium, and micro enterprises.

Spot Market:

On February 5, the SMM #1 refined nickel price was 134,300-145,400 yuan/mt, with an average price of 139,850 yuan/mt, down 1,750 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 9,300-9,500 yuan/mt, with an average premium of 9,400 yuan/mt, unchanged from the previous trading day. The spot premium/discount quotation range for mainstream domestic brands of electrodeposited nickel was -400-400 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2603) plunged and moved lower during the session. By the morning close, it was reported at 133,510 yuan/mt, down 1.79%.

Nickel prices ended their rebound in overnight trading and returned to a decline. The market is caught between macro pressures and fundamental support, presenting an overall volatile pattern. Expectations for reduced nickel ore quotas in Indonesia persist, and nickel prices are still expected to rebound in the future.