[SMM Nickel Midday Review] On July 10, nickel prices staged a corrective rebound, and the national consumer price index rose 1.0% YoY in June.

Published: Jul 10, 2026 11:52

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SMM Nickel, July 10:

Macro and Market News:

(1) National Bureau of Statistics: In June 2026, China’s consumer price index rose 1.0% YoY, while the producer price index for industrial products rose 4.1% YoY.

(2) Ukraine’s military destroyed 12 Russian oil tankers and a petroleum terminal. Putin reportedly rejected peace talks and may escalate the situation in the coming months.

Spot Market:

On July 10, SMM #1 refined nickel prices rose by 1,550 yuan/mt from the previous trading day. For spot premiums, the average premium for Jinchuan #1 refined nickel was 2,250 yuan/mt, down 100 yuan/mt from the previous trading day, and the price range for electrodeposited nickel of mainstream domestic brands was -400-400 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2609) consolidated at highs in the morning session, closing at 128,370 yuan/mt as of the end of morning trading, up 1.10%.

With macro sentiment recovering, nickel prices have recently rebounded. The price range for nickel is expected to remain at 125,000-135,000 yuan/mt in the period ahead.

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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