[SMM Nickel Midday Review] Nickel Prices Rose Slightly on April 9, US Fed March Meeting Minutes Mentioned Rate Hikes

Published: Apr 9, 2026 15:26

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SMM Nickel News, April 9:

Macro and Market News:

(1) On April 8 local time, US President Trump posted on his social media platform "Truth Social" that any country providing military weapons to Iran would face "immediate 50% tariffs" on "any and all goods" sold to the US, adding that the measure would "take effect immediately" with "no exclusions or exemptions."

(2) US Fed March meeting minutes: more officials mentioned the possibility of rate hikes. The Fed's mouthpiece noted that the ceasefire made it harder for the Fed to decide.

Spot Market:

On April 9, SMM #1 refined nickel prices rose 50 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 3,350 yuan/mt, down 250 yuan/mt from the previous trading day; domestic mainstream brand electrodeposited nickel premiums ranged from -400 to 400 yuan/mt.

Futures Market:

The most-traded SHFE nickel 2605 contract opened higher today but then fluctuated downward, closing at 133,000 yuan/mt, down 0.02%.

In the short term, Indonesia's policy tightening and cost support have built a solid floor for nickel prices, but high inventory and weak end-use demand capped upside room. The most-traded SHFE nickel contract is expected to operate in a core range of 133,000-143,000 yuan/mt.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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