Latest Update in the SMM Nickel Market

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Oct 22, 2024

According to customs data, in September 2024, China's total FeNi+NPI imports reached 737,400 mt, up 41.2% MoM and down 13.2% YoY.

According to the latest data from China Customs, China imported 4.566206741 million mt of nickel ore in September 2024, down 7.4% MoM and 23.5% YoY, with a cumulative YoY decline of 14%.

LME copper opened at $9,696.5/mt overnight, initially reaching a high of $9,707/mt before declining throughout the session, hitting a low of $9,548/mt. It then consolidated and closed at $9,562/mt, down 0.63%, with a trading volume of 18,000 lots and an open interest of 276,000 lots.

On October 21, Jinchuan nickel was quoted at a premium of 1,600-1,700 yuan/mt, with an average of 1,650 yuan/mt, down 50 yuan from the previous trading day.

On October 18, the national port nickel ore inventory increased significantly by 460,000 wmt to 9.922 million wmt compared to September 27.

Last week, SMM refined nickel inventory in six major regions totaled 32,416 mt, an increase of 179 mt WoW.

According to the latest SMM survey data, the nickel inventory in the bonded zone last week was 3,600 mt.