SMM Nickel News on June 5: Macro News: (1) Tariffs - ① It is rumored that the US-Canada agreement may be reached next week. Canadian Prime Minister: If negotiations fail, Canada is prepared to take retaliatory measures against the US. ② EU trade official: Negotiations with the US are progressing steadily in the right direction. ③ UK Prime Minister: Very confident that US tariffs can be reduced in a very short time. ④ US Secretary of Commerce: Analysis and formulation of tariff standards for aircraft parts will be completed by month-end; will not mutually eliminate tariffs and barriers with Vietnam. ⑤ Mexico will announce measures to respond to US steel and aluminum tariffs next week. (2) US economic data - ① ADP employment in May increased by 37,000, far below the expected 110,000 and the previous value of 62,000. ② The US ISM non-manufacturing index for May fell to 49.9, contracting for the first time in nearly a year, with expectations of an increase from 51.6 to 52. Spot Market: Today, the SMM 1# refined nickel price is 121,700-124,500 yuan/mt, with an average price of 123,100 yuan/mt, a decrease of 375 yuan/mt from the previous trading day. The quotation range for spot premiums of Jinchuan #1 refined nickel is 2,300-2,600 yuan/mt, with an average premium of 2,450 yuan/mt, a decrease of 50 yuan/mt from the previous trading day. The quotation range for premiums and discounts of Russian nickel is 100-600 yuan/mt, with an average premium of 350 yuan/mt, unchanged from the previous trading day. Trading in the spot market has been relatively sluggish recently. Futures Market: The most-traded SHFE nickel contract (NI2507) opened lower and weakened during the night session, fluctuating downward during the day session. As of 11:30, the closing price was 121,620 yuan/mt, down 0.38%. In the medium and long term, the global nickel overcapacity issue remains unresolved, with the nickel market under triple pressure of "high supply, weak demand, and tight funds." In the short term, the bottom of the fluctuation range is seen at 118,000 yuan/mt, with the top under pressure at 123,000 yuan/mt.

SMM Nickel News on June 3: Macro News: (1) Tariffs - ① European and US trade officials will meet on Wednesday, with the EU reiterating warnings of tariff retaliation. ② Foreign media: Seeking to accelerate negotiations, Trump demands countries submit their "best offers" by Wednesday. ③ The Trump administration appeals the order from the Federal District Court for the District of Columbia ruling its tariff policy "unlawful." ④ Japanese Prime Minister: No intention to make concessions on US tariff issues. (2) On May 31, the China Federation of Logistics and Purchasing (CFLP) and the Service Industry Survey Center of the National Bureau of Statistics (NBS) announced China's PMI for May. The manufacturing PMI for May was 49.5%, up 0.5 percentage points MoM. Spot Market: Today, the SMM 1# refined nickel price is 121,400-124,300 yuan/mt, with an average price of 122,850 yuan/mt, up 525 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel is 2,500-2,600 yuan/mt, with an average premium of 2,550 yuan/mt, down 50 yuan/mt from the previous trading day. The premiums and discounts quotation range for Russian nickel is 100-500 yuan/mt, with an average premium of 300 yuan/mt, up 50 yuan/mt from the previous trading day. Futures Market: The most-traded SHFE nickel contract (NI2507) opened higher this morning, regaining the 122,000 yuan/mt level during the session, mainly exhibiting a fluctuating trend. As of 11:30, the closing price was 121,380 yuan/mt, up 0.25%. In the medium and long term, the global nickel overcapacity issue remains unresolved, with the nickel market under triple pressure of "high supply, weak demand, and tight funding." In the short term, the bottom of the fluctuating range is seen at 118,000 yuan/mt, with the top under pressure at 123,000 yuan/mt.

Futures Market: Overnight, LME copper opened at $9,604.5/mt. After fluctuating considerably to reach an intraday low, it surged straight up to a high of $9,636.5/mt, then fluctuated downward. Near the close, it hit a low of $9,578/mt before finally closing at $9,615/mt, marking a 1.24% increase.

[Summary of Morning Meeting on June 3] Today, the SMM 1# refined nickel price was 120,900-123,750 yuan/mt, with an average price of 122,325 yuan/mt, an increase of 800 yuan/mt from the previous trading day. The mainstream quotation range for spot premiums of Jinchuan #1 refined nickel was 2,500-2,700 yuan/mt, with an average premium of 2,600 yuan/mt, an increase of 100 yuan/mt from the previous trading day. The quotation range for premiums and discounts of Russian nickel was 100-400 yuan/mt, with an average premium of 250 yuan/mt, unchanged from the previous trading day.

SMM Nickel News on May 30: Macro News: (1) The US announced the revised annualized quarter-on-quarter rate of real GDP for Q1 and the initial jobless claims data for the week ending May 24. The revised GDP was -0.2%, better than the market expectation of -0.3% and slightly improved from the previous -0.3%, but still indicating an economic contraction. The revised annualized quarter-on-quarter rate of the core PCE price index was 3.4%, lower than the expected 3.5% and the previous 3.5%, suggesting a slight easing of inflationary pressures. Initial jobless claims were 240,000, higher than the expected 230,000 and the previous 226,000 (after revision), indicating increased short-term pressure in the labour market. These data triggered an immediate market reaction, with the US dollar index falling in the short term, gold prices rising slightly, and market sentiment oscillating between optimism over easing inflation and concerns about weak employment. (2) In response to questions about whether the economic and trade teams of China and the US had recently held consultations, He Yongqian, spokesperson for the Ministry of Commerce, stated that China had repeatedly engaged with the US over the US's abuse of export control measures in the semiconductor sector. China once again urged the US to immediately correct its wrongful practices, cease discriminatory restrictive measures against China, and jointly uphold the consensus reached at the high-level talks in Geneva. China also urged the US to completely eliminate unilateral tariff hikes. Spot Market: Today, the SMM 1# refined nickel price is 120,900-123,750 yuan/mt, with an average price of 122,325 yuan/mt, an increase of 800 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel is 2,500-2,700 yuan/mt, with an average premium of 2,600 yuan/mt, an increase of 100 yuan/mt from the previous trading day. The premiums and discounts quotation range for Russian nickel is 100-400 yuan/mt, with an average premium of 250 yuan/mt, unchanged from the previous trading day. The most-traded SHFE nickel contract (NI2507) opened significantly higher in the night session yesterday, closing up 1.25% at 121,240 yuan/mt. The morning session continued with a fluctuating trend, and as of 11:30, the closing price was 120,810 yuan/mt, up 0.89%. Futures Market: The most-traded SHFE nickel contract (NI2507) fell sharply during the day session yesterday, closing at 119,950 yuan/mt, a daily decline of 2.1%, and a cumulative weekly decline of 3.2%, breaking below the key support level of 120,000 yuan/mt. The night session continued to probe lower, reaching a low of 118,630 yuan/mt. Prices rebounded somewhat in the morning session today, returning to the 120,000 yuan level, but still remained in the doldrums. As of 11:30, the closing price was 120,340 yuan/mt, up 0.72%. The contradiction of medium and long-term global nickel overcapacity remains unresolved, with the nickel market under triple pressures of "high supply, weak demand, and tight capital". In the short term, the bottom of the oscillation is seen at 115,000 yuan/mt Ni, while the top is under pressure at 123,000 yuan/mt Ni.

[Spot price of refined nickel rebounds on May 30] Today, the SMM #1 refined nickel price was 120,900-123,750 yuan/mt, with an average price of 122,325 yuan/mt, an increase of 800 yuan/mt from the previous trading day. The mainstream quotation range for spot premiums of Jinchuan #1 refined nickel was 2,500-2,700 yuan/mt, with an average premium of 2,600 yuan/mt, an increase of 100 yuan/mt from the previous trading day. The quotation range for premiums and discounts of Russian nickel was 100-400 yuan/mt, with an average premium of 250 yuan/mt, unchanged from the previous trading day.

[Summary of the Morning Meeting on May 30] Affected by the inventory of some raw materials and weak order demand, during the traditional procurement period this week, the inquiry and transaction activity of precursor enterprises for nickel salts were both low. Supply side, the order signing situation for nickel salt producers in June was poor this week, and some large nickel salt enterprises planned to carry out shutdown maintenance work in June. Given the weak demand coupled with falling costs, some nickel salt producers have shown signs of loosening their quotes.

SMM Nickel News on May 29: Macro News: (1) The US Court of International Trade ruled on Wednesday local time that US President Trump did not have the authority to impose a blanket tariff on nearly all countries, thereby declaring the "Emancipation Day" tariff measure on April 2, which triggered a global trade war and could have upended the world economy, legally invalid. The Court of International Trade in Manhattan, New York, stated that the US Constitution grants the US Congress the exclusive power to regulate trade with other countries, and that the emergency powers claimed by the President to protect the US economy do not override these powers. (2) He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, met with Dan Simkowitz, Co-President of Morgan Stanley, at the Great Hall of the People on the 28th. He Lifeng stated that China is committed to promoting high-quality development through high-level opening-up, which will energize and add momentum to both the Chinese and global economies. He welcomed more US financial institutions, including Morgan Stanley, and long-term capital to continue deepening mutually beneficial cooperation with China and actively participating in the construction and development of China's capital market. Simkowitz expressed his delight at the substantive progress made in the US-China economic and trade talks, stating that Morgan Stanley would continue to deepen its presence in the Chinese market and provide high-quality services to promote investment cooperation between US and Chinese enterprises. Spot Market: Today, the SMM 1# refined nickel price is 120,000-123,050 yuan/mt, with an average price of 121,525 yuan/mt, a decrease of 1,725 yuan/mt from the previous trading day. The quotation range for the mainstream spot premiums of Jinchuan #1 refined nickel is 2,300-2,700 yuan/mt, with an average premium of 2,500 yuan/mt, an increase of 300 yuan/mt from the previous trading day. The premiums and discounts quotation range for Russian nickel is 100-400 yuan/mt, with an average premium of 250 yuan/mt, unchanged from the previous trading day. Due to the significant drop in SHFE nickel futures prices yesterday, trading volume in the afternoon spot market was active, with the premium range at 2,200-2,500 yuan/mt. Today, there is less refined nickel circulating in the market, and premiums have risen significantly. Futures Market: The most-traded SHFE nickel contract (NI2507) plummeted sharply yesterday, closing at 119,950 yuan/mt, a daily decline of 2.1%. The cumulative weekly decline reached 3.2%, breaking through the key support level of 120,000 yuan/mt. The night session continued to probe the bottom, touching a low of 118,630 yuan/mt. Prices rebounded somewhat in the morning session today, returning to the 120,000 yuan/mt level, but still remained in the doldrums. As of 11:30, the closing price was 120,340 yuan/mt, up 0.72%. In the medium and long-term, the contradiction of global nickel overcapacity remains unresolved, with the nickel market under triple pressure of "high supply, weak demand, and tight funds". The short-term oscillation bottom is seen at 115,000 yuan/mt, with the top under pressure at 123,000 yuan/mt.

[On May 29, spot prices of refined nickel fell sharply, while premiums rose.] Today, the SMM 1# refined nickel price was 120,000-123,050 yuan/mt, with an average price of 121,525 yuan/mt, a decrease of 1,725 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 2,300-2,700 yuan/mt, with an average premium of 2,500 yuan/mt, an increase of 300 yuan/mt from the previous trading day. The premiums and discounts quotation range for Russian nickel was 100-400 yuan/mt, with an average premium of 250 yuan/mt, unchanged from the previous trading day.

SMM Nickel News on May 28: Macro News: (1) The plenary session of the Expert Advisory Group of the Anti-Monopoly and Anti-Unfair Competition Committee of the State Council was held in Beijing. The meeting emphasized the need to closely align with the committee's work plans, focusing on key tasks such as accelerating the construction of a unified national market, comprehensively addressing "cut-throat competition," and strengthening competition regulation and law enforcement. The group was urged to take proactive measures and better fulfill its responsibilities as an expert advisory body, contributing wisdom and strength to enhancing fair competition governance capabilities and maintaining a fair and competitive market order. (2) European Central Bank (ECB) Governing Council member Robert Holzmann stated that the bank should at least postpone further interest rate cuts until September, warning that caution was warranted given the brewing trade war between the EU and the US. He believed there was "no reason" for the ECB to cut interest rates at its meetings in June and July. Holzmann remarked, "The risks of further interest rate cuts would outweigh the benefits of maintaining the current level." He argued that further interest rate cuts at this stage might be "completely ineffective" for economic activity in the Eurozone. Holzmann's hawkish remarks suggest divisions among ECB rate-setters as they weigh how to respond to the trade war initiated by Trump ahead of their next meeting on June 5. Spot Market: Today, the SMM 1# refined nickel price is 122,000-124,500 yuan/mt, with an average price of 123,250 yuan/mt, a decrease of 50 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel is 2,100-2,300 yuan/mt, with an average premium of 2,200 yuan/mt, unchanged from the previous trading day. The premiums and discounts quotation range for Russian nickel is 100-400 yuan/mt, with an average premium of 250 yuan/mt, also unchanged from the previous trading day. Futures Market: The most-traded SHFE nickel contract (NI2507) opened lower and weakened during the night session yesterday. Prices continued to decline in the morning session, closing at 121,620 yuan/mt by 11:30, down 0.73%. Nickel prices have broken through the previous 123,000 yuan/mt platform and have been closing lower consecutively, with weak support below. Currently, the macro front has a relatively small impact on nickel prices. Nickel is primarily under pressure due to supply and demand surpluses and high inventory levels, with weak cost support below. It is expected that nickel will remain in the doldrums in the near future.