SMM Nickel Brief: High-Grade NPI Sentiment Down, Spot Fundamentals Tight, Futures Weaken Cost Advantage
[SMM Nickel Flash] As of July 1, the SMM sentiment factor for the high-grade NPI market stood at 2.03, down 0.03 MoM. The upstream sentiment factor for high-grade NPI was 2.32, down 0.04 MoM, while the downstream sentiment factor came in at 1.74, down 0.02 MoM. The spot fundamentals for NPI remain in a tight balance, with overall price resilience in suppliers’ offers. However, persistently weakening futures have continued to erode the cost advantage of NPI relative to the SHFE/LME price ratio.