[SMM Nickel Midday Review] Nickel Prices Slightly Corrected on February 26, China and Germany Issue Joint Statement

SMM Nickel February 26 News:

Macro and Market News:

(1) The Joint Press Statement of the People's Republic of China and the Federal Republic of Germany was released. The Statement emphasized that economic and trade cooperation is an important part of bilateral relations, and both sides are willing to deepen mutually beneficial cooperation.

(2) Recently, US Trade Representative Greer stated that the US will continue to advance the Section 301 investigation into China's implementation of the Phase One US-China Economic and Trade Agreement and may take tariff measures. The "global import tariff" rate imposed by the US on certain countries will increase from the recently implemented 10% to 15% or higher.

Spot Market:

On February 26, the SMM #1 refined nickel price was 139,000-148,400 yuan/mt, with an average price of 143,700 yuan/mt, down 1,250 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 7,800-8,500 yuan/mt, with an average premium of 8,150 yuan/mt, down 400 yuan/mt from the previous trading day. The spot premiums and discounts quotation range for mainstream domestic brands of electrodeposited nickel was -400-600 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2605) trended lower in early trading, and by the end of the morning session, it was reported at 140,360 yuan/mt, down 0.82%.

The price of the most-traded SHFE nickel contract shows strong resilience below the 140,000 yuan/mt level, mainly supported by tight Indonesian quotas, while above 145,000 yuan/mt, it faces dual resistance from high visible inventory and a strengthening US dollar. The most-traded SHFE nickel contract is expected to fluctuate at highs within the range of 140,000-145,000 yuan/mt in the short term.