[SMM Nickel Midday Review] On July 8, nickel prices edged down, as the U.S. strongly cracked down on Iran, terminating the sanctions waiver for Iranian oil.

Published: Jul 8, 2026 13:35

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SMM Nickel, July 8:

Macro and market news:

(1) US Central Command stated that its forces have begun a series of powerful strikes against Iran in response to Iran’s targeting and attacks on commercial shipping operated by civilian crews in international waterways.

(2) China’s gold reserves at end-June stood at 75.44 million oz (approx. 2,346.446 mt), up 480,000 oz (approx. 14.93 mt) MoM, with end-May reserves at 74.96 million oz (approx. 2,331.52 mt), marking the 20th consecutive month of gold purchases.

Spot market:

On July 8, SMM #1 refined nickel price fell 1,200 yuan/mt from the previous trading day. In spot premiums, Jinchuan #1 refined nickel averaged 2,350 yuan/mt, up 50 yuan/mt from the previous trading day, while mainstream domestic electrodeposited nickel brands were in the range of -400 to 400 yuan/mt.

Futures market:

The most-traded SHFE nickel 2609 contract briefly rose in early trading before pulling back, closing the morning session at 126,220 yuan/mt, down 0.52%.

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

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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