SMM Nickel News, June 4: Macro and market news: (1) US President Trump said in an interview on June 3 local time that a deal with Iran is being reached. He also said Iran has agreed not to possess nuclear weapons and that he might meet with Iran's Supreme Leader at some point. (2) Iran's Supreme Leader approved the establishment of a working group on the Strait of Hormuz issue. Iranian media reported that the Strait of Hormuz management draft has entered the review stage. An Iranian official said Iran would negotiate with the US if necessary. Spot market: On June 4, SMM #1 refined nickel prices fell 2,950 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 800 yuan/mt, up 100 yuan/mt from the previous trading day; domestic mainstream brand electrodeposited nickel ranged from -700-300 yuan/mt. Futures market: The most-traded SHFE nickel 2607 contract opened lower and continued to weaken during the session, once breaking below the 140,000 yuan/mt level. As of the morning close, it settled at 140,480 yuan/mt, down 2.55%. In the short term, nickel prices may remain supported by costs on the downside while capped by inventory buildup on the upside. The reference range for the most-traded SHFE nickel contract is 138,000-148,000 yuan/mt.

SMM Nickel News, June 3: Macro and market news: (1) Conflict reignited in the Gulf region: the US military struck Iran's Qeshm Island and fired at oil tankers, with air defense alarms sounding in Kuwait and Bahrain. (2) The General Office of the Shanghai Municipal People's Government issued the "Several Opinions on Deepening the Development of Shanghai as a Global Asset Management Center." The opinions stated that by 2030, Shanghai's asset management scale is targeted to reach 55 trillion yuan, accounting for one-third of the national total; the launch of LNG futures and options will be accelerated, and preparations for R&D of electricity futures and computing power futures will be made; the institutional opening-up of the gold market will be steadily expanded, and cooperation between Shanghai and Hong Kong gold markets will be supported. Spot market: On June 3, SMM #1 refined nickel prices fell 450 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 700 yuan/mt, down 100 yuan/mt from the previous trading day, while domestic mainstream brand electrodeposited nickel ranged from -700 to 300 yuan/mt. Futures market: The most-traded SHFE nickel 2607 contract fluctuated lower in the morning session, closing at 143,670 yuan/mt, up 0.64%. In the short term, nickel prices are expected to remain supported by costs on the downside while capped by inventory buildup on the upside. The reference range for the most-traded SHFE nickel contract is 138,000-148,000 yuan/mt.

SMM Nickel News, June 2: Macro and market news: (1) Iranian media reported that Iran halted negotiations with the US, threatened to block the Bab el-Mandeb Strait, and planned to fully blockade the Strait of Hormuz, targeting Israel's military operations in Lebanon. (2) US President Trump said he expected to reach a deal with Iran "within the next week" to extend the current ceasefire arrangement and reopen the Strait of Hormuz. Spot market: On June 2, SMM #1 refined nickel prices rose 200 yuan/mt from the previous trading day. In terms of spot premiums, Jinchuan #1 refined nickel averaged 700 yuan/mt, unchanged from the previous trading day, while mainstream domestic electrodeposited nickel brands ranged from -700 to 300 yuan/mt. Futures market: The most-traded SHFE nickel 2607 contract rallied during the night session and rebounded after a dip in the morning session, closing at 144,090 yuan/mt in the morning session, up 0.61%. In the short term, nickel prices are likely to remain supported by costs on the downside while capped by inventory buildup on the upside. The reference range for the most-traded SHFE nickel contract is 138,000-148,000 yuan/mt.

SMM Nickel News, June 1: Macro and market news: (1) National Bureau of Statistics (NBS): The manufacturing PMI in May was 50.0%, down 0.3 percentage points from the previous month. (2) Trump claimed the US and Iran reached agreement on nuclear issues and secondary matters beyond the Strait of Hormuz; however, according to US media reports, Trump tightened the terms of the deal with Iran, with revised proposals involving nuclear access and the Strait, extending the US-Iran negotiations by one week. Spot market: On June 1, SMM #1 refined nickel prices fell 200 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 800 yuan/mt, up 100 yuan/mt from the previous trading day, while mainstream domestic electrodeposited nickel brands ranged from -700 to 300 yuan/mt. Futures market: The most-traded SHFE nickel 2607 contract moved sideways during the morning session, closing at 142,980 yuan/mt, down 0.79%. In the short term, nickel prices may remain supported by costs on the downside while capped by inventory buildup on the upside. The reference range for the most-traded SHFE nickel contract is 137,000-145,000 yuan/mt.

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.

SMM Nickel News, May 28: Macro and market news: (1) On May 27 local time, Boroujerdi, a member of Iran's National Security Council, stated that according to the preliminary agreement draft reached between Iran and the US, the US will commit in the first phase to a comprehensive 60-day ceasefire on all fronts, particularly within Lebanon. (2) China's State Administration for Market Regulation deployed local market regulatory departments to carry out a special campaign on credit empowerment to address involution-style competition, May-December. Spot market: On May 28, SMM #1 refined nickel prices fell 2,250 yuan/mt from the previous trading day. In terms of spot premiums, Jinchuan #1 refined nickel averaged 750 yuan/mt, down 350 yuan/mt from the previous trading day, while premiums for mainstream domestic electrodeposited nickel brands ranged from -1,000 to 100 yuan/mt. Futures market: The most-traded SHFE nickel 2607 contract saw prices plunge lower in the morning session, closing at 143,020 yuan/mt, down 0.92%. The current Middle East situation alternated between "ceasefire agreement — violation of agreement — peace talk expectations," intensifying nickel price fluctuations. Nickel prices are currently supported by cost floors below and suppressed by inventory buildup above. The most-traded SHFE nickel contract is expected to trade within the range of 137,000-145,000 yuan/mt in the short term.