SMM Nickel Flash: NPI Market Shows Weakening Futures, Firm Spot Prices Amid Tight Supply

Published: Jun 4, 2026 15:07

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[SMM Nickel Flash] On June 4, the SMM high-grade NPI market sentiment index stood at 2.45, down 0.04 MoM, the high-grade NPI upstream sentiment index was 2.97, down 0.07 MoM, and the high-grade NPI downstream sentiment index was 1.94, flat MoM. The NPI market today showed a pattern of weakening futures and firm spot prices. The decline in futures prompted some traders to slightly lower their offers, but spot cargo remained supported by tight supply.

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