SMM High-Grade NPI Sentiment Stable in September, Bull-Bear Divide Persists

Published: Sep 9, 2026 15:40

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[SMM Nickel Flash] On September 9, the SMM high-grade NPI market sentiment factor stood at 1.74, flat MoM. The upstream sentiment factor for high-grade NPI was 1.83, flat MoM, while the downstream sentiment factor for high-grade NPI was 1.65, also flat MoM. Market divergence between bulls and bears remains significant.

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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