[SMM Nickel Midday Review] Nickel Prices Edged Up on May 29, US April Core PCE Price Index Annual Rate Rose to 3.3%

Published: May 29, 2026 11:44

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SMM Nickel News, May 29:

Macro and Market News:

(1) The US core PCE price index annual rate further rose to 3.3% in April, the highest level since November 2023, in line with market expectations.

(2) Zimbabwe announced that 14 minerals including lithium and nickel were designated as "critical minerals," with mandatory state equity participation.

Spot Market:

On May 29, SMM #1 refined nickel prices rose 1,100 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 700 yuan/mt, down 50 yuan/mt from the previous trading day, while mainstream domestic electrodeposited nickel brands ranged from -700 to 100 yuan/mt.

Futures Market:

The most-traded SHFE nickel 2607 contract surged and then pulled back during the morning session, closing at 143,670 yuan/mt, up 0.09%.

In the short term, nickel prices are expected to remain supported by costs on the downside while capped by inventory buildup on the upside, with the most-traded SHFE nickel contract's reference range at 137,000-145,000 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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