[SMM Nickel Midday Review] On July 29, nickel prices plunged before rebounding. The US Fed is scheduled to announce its interest rate decision at 2 a.m. Beijing time on Thursday.

Published: Jul 29, 2026 15:28

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SMM Nickel, July 29:

Macro and Market News:

(1) The US Fed is scheduled to announce its interest rate decision at 2:00 a.m. Beijing time on Thursday, and Fed Chairman Warsh will hold the customary press conference at 2:30 a.m., which the industry regards as the most unpredictable Fed decision.

(2) Iran’s Deputy Foreign Minister said: “We have never asked to negotiate with the US, nor have we proposed a ceasefire to the US.” He also said that Tehran proposed to Oman that Iran would manage one-way shipping traffic on one side of the Strait of Hormuz, while Oman would manage the other side.

Spot Market:

On July 29, SMM #1 refined nickel averaged 131,500 yuan/mt, down 650 yuan/mt from the previous trading day. In terms of spot premiums, Jinchuan #1 refined nickel averaged 1,250 yuan/mt, unchanged from the previous trading day, and mainstream domestic electrodeposited nickel brands traded at a premium range of -400 to 500 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2609) plunged in the night session, then gradually rebounded in morning trading to close at 131,660 yuan/mt, up 0.08%.

In the short term, the most-traded SHFE nickel contract (NI2609) is expected to trade within a range of 128,000-135,000 yuan/mt.

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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