SMM Nickel News, May 14: Macro and market news: (1) On the evening of May 13, US President Trump arrived in Beijing by special aircraft for a state visit to China from May 13 to 15. (2) The US Senate confirmed Warsh as Fed Chairman by a vote of 54 to 45. The Senate had previously approved Warsh as a Fed governor for a 14-year term on May 12. Spot market: On May 14, SMM #1 refined nickel prices fell 1,200 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,350 yuan/mt, up 100 yuan/mt from the previous trading day, while mainstream domestic electrodeposited nickel brands ranged from 700-500 yuan/mt. Futures market: The most-traded SHFE nickel 2606 contract opened lower in the morning session, with prices continuing to decline during the session, closing at 144,600 yuan/mt in the morning session, down 1.06%. The nickel market is currently caught in an ongoing tug-of-war between strong expectations of tightening supply and the reality of high inventory and weak demand, lacking new catalysts to drive a unilateral rally. In the short term, the most-traded SHFE nickel contract is expected to trade in the range of 145,000-150,000 yuan/mt.

SMM Nickel News, May 13: Macro and market news: (1) The US overall CPI annual rate in April was 3.8%, exceeding the expected 3.7% and hitting a new high since May 2023, with the energy index contributing over 40% of the overall increase. (2) Iranian Foreign Ministry spokesperson Baghaei stated on May 12 that ending hostilities and lifting the blockade on the Strait of Hormuz were preconditions for any negotiations with the US. Spot market: On May 13, SMM #1 refined nickel prices rose 450 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,250 yuan/mt, up 50 yuan/mt from the previous trading day, while premiums for mainstream domestic electrodeposited nickel brands ranged at -700-500 yuan/mt. Futures market: The most-traded SHFE nickel 2606 contract moved sideways in the morning session, closing at 146,830 yuan/mt, down 0.07%. Although Iran and the US had previously come close to reaching a framework agreement, the negotiations ultimately failed to produce formal terms. If the geopolitical deadlock continues to escalate and sulfur supply constraints remain unresolved, nickel prices still have upside room. In the short term, the most-traded SHFE nickel contract is expected to trade in the range of 145,000-150,000 yuan/mt.

SMM Nickel News, May 12: Macro and market news: (1) An Iranian official said on May 11 that serious disagreements existed between Iran and the US in negotiations over the disposal of enriched uranium, the duration of uranium enrichment suspension, and war reparations. (2) The PBOC released its Q1 2026 China Monetary Policy Implementation Report. The report proposed continuing to implement a moderately accommodative monetary policy, flexibly utilizing various monetary policy tools to maintain ample liquidity and relatively accommodative social financing conditions. The report also noted that as of month-end March, financial institutions had signed stock buyback and stake-increase loan contracts totaling approximately 370 billion yuan, with over 180 billion yuan already disbursed. Spot market: On May 12, SMM #1 refined nickel prices fell 1,450 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,200 yuan/mt, unchanged from the previous trading day, while domestic mainstream brand electrodeposited nickel ranged from -700 to 500 yuan/mt. Futures market: The most-traded SHFE nickel 2606 contract surged in early trading before dropping sharply, closing the morning session at 145,980 yuan/mt, down 0.71%. Although Iran and the US had previously come close to reaching an agreement framework, the negotiations ultimately failed to sign formal terms. If the geopolitical stalemate continues to escalate and sulfur supply constraints remain unresolved, nickel prices still have upside room. In the short term, the most-traded SHFE nickel contract is expected to trade in the range of 145,000-150,000 yuan/mt.

[SMM Analysis] Reassessing the Logic Behind Sulfur's "Surge" Driving Nickel Prices Higher

SMM Nickel News, May 11: Macro and market news: (1) Iran submitted its feedback on the US proposal to Pakistan. According to Iran's feedback, negotiations at this stage should focus on ending the war. The US called it "completely unacceptable." (2) NBS: In April, CPI rose 1.2% YoY and PPI rose 2.8% YoY; consumer prices rose 1.2% YoY. Spot market: On May 11, SMM #1 refined nickel prices rose 1,800 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,200 yuan/mt, up 50 yuan/mt from the previous trading day; mainstream domestic electrodeposited nickel brands ranged from 800-300 yuan/mt. Futures market: The most-traded SHFE nickel 2606 contract rebounded during the morning session, closing at 148,320 yuan/mt, up 0.86%. Although Iran and the US were previously close to reaching a framework agreement, negotiations ultimately failed to sign formal terms. If the geopolitical deadlock continues to escalate and sulfur supply constraints remain unresolved, nickel prices still have upside room. In the short term, the most-traded SHFE nickel contract is expected to trade in the range of 145,000-150,000 yuan/mt.

On May 11, SMM #1 refined nickel prices rose 1,800 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,200 yuan/mt, up 50 yuan/mt from the previous trading day; China's mainstream brand electrodeposited nickel ranged from -800-300 yuan/mt.