[SMM Nickel Midday Review] On July 7, nickel prices moved sideways, as US Fed Governor Waller said inflation risks had surpassed employment risks.

Published: Jul 7, 2026 11:40

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SMM Nickel July 7 News:

Macro and Market News:

(1) US Fed Governor Waller: Forward guidance is not better with more; it can be completely omitted when necessary. Inflation risks have surpassed employment risks.

(2) US President Trump, on the Ukraine issue, said he was in consultations with Russian President Putin to see if the Russia-Ukraine conflict could be ended. Trump said they had a "very good call."

Spot Market:

On July 7, the SMM #1 refined nickel price rose 300 yuan/mt from the previous trading day. In terms of spot premiums, the average for Jinchuan #1 refined nickel was 2,300 yuan/mt, unchanged from the previous trading day, while the domestic mainstream brand electrodeposited nickel ranged from -400 to 400 yuan/mt.

Futures Market:

The most-traded SHFE nickel 2609 contract pulled back after a slight surge in the morning session, and as of the morning close, it reported at 126,290 yuan/mt, down 0.03%.

July falls within the Indonesian nickel ore RKAB application window. The final approval outcome will determine the H2 supply-demand pattern, making it the most critical uncertainty at present. In the short term, nickel prices are expected to be in the doldrums in the 125,000-135,000 yuan/mt range.

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