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.

SMM Nickel News, May 27: Macro and market news: (1) Data from the NBS showed that from January to April, profits of above-designated-size raw material manufacturing industries were up 88.1% YoY, accelerating by 10.2 percentage points from January-March, boosting profits of all above-designated-size industrial enterprises by 10.3 percentage points. (2) Iran: The US and European economies are highly dependent on energy prices and vulnerable to changes in regional situations. This pressure leverage puts the US in a "requesting" position when it comes to reaching a deal with Iran. Spot market: On May 27, SMM #1 refined nickel prices rose 3,100 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,100 yuan/mt, flat from the previous trading day, while premiums for mainstream domestic electrodeposited nickel brands ranged at -500-500 yuan/mt. Futures market: The most-traded SHFE nickel 2606 contract opened higher and continued to rise, rebounding notably from the previous day, closing at 144,690 yuan/mt in the morning session, up 1.91%. Minor clashes between the US and Iran resumed, and uncertainties persist over the Strait of Hormuz, driving a rebound in nickel prices. The current Middle East situation alternates between "ceasefire agreements — violations — peace talk expectations," intensifying nickel price fluctuations. Nickel prices are currently supported by costs on the downside while capped by inventory buildup on the upside. The most-traded SHFE nickel contract is expected to trade within the range of 137,000-145,000 yuan/mt in the short term.

SMM Nickel News, May 26: Macro and market news: (1) A draft agreement between the US and Iran was reportedly reached, allowing free and open passage through the Strait of Hormuz and the clearing of mines; navigation through the Strait of Hormuz is to be restored within 30 days. (2) Iran's Ministry of Foreign Affairs: No transit fees will be imposed on the Strait of Hormuz. Charging for services provided is normal, but it should not be regarded as a toll. Spot market: On May 26, SMM #1 refined nickel prices fell 2,600 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,100 yuan/mt, down 50 yuan/mt from the previous trading day, while mainstream domestic electrodeposited nickel brands ranged from -400-500 yuan/mt. Futures market: The most-traded SHFE nickel 2606 contract plunged sharply in the morning session, closing at 142,280 yuan/mt, down 1.08%. The Strait of Hormuz is about to reopen, and the sulfur supply deficit is expected to ease. The fading of geopolitical risk premiums weakened the short-term cost-side support for nickel prices, leading to a sharp decline. Currently, global refined nickel visible inventory remains at elevated levels, and sluggish downstream consumption has slowed the destocking process. Nickel prices lack upward momentum, and the most-traded SHFE nickel contract is expected to trade in the range of 137,000-145,000 yuan/mt in the short term.

SMM Nickel News May 25: Macro and market news: (1) Waller was sworn in, emphasizing that the US Fed will be "reform-oriented"; US Fed Governor Waller: The current stance is to keep rates stable in the near term. If inflation expectations become unanchored, rate hikes will be needed. (2) The PBOC announced that to maintain ample liquidity in the banking system, on May 25, 2026, the People's Bank of China will conduct a 600 billion yuan MLF operation with a fixed quantity, rate tender, and multiple-price winning method, with a tenor of 1 year. Spot market: On May 25, SMM #1 refined nickel prices rose 500 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,150 yuan/mt, down 100 yuan/mt from the previous trading day, while domestic mainstream brand electrodeposited nickel ranged from -400 to 500 yuan/mt. Futures market: The most-traded SHFE nickel 2606 contract moved sideways in a narrow range during the morning session, closing at 143,810 yuan/mt, up 0.23%. Global visible inventory of refined nickel remains at high levels, and weak consumption is unable to quickly digest the surplus inventory. Nickel prices lack upward momentum, and the most-traded SHFE nickel contract is expected to move sideways within the range of 140,000-150,000 yuan/mt.

SMM Nickel News May 22: Macro and market news: (1) Chinese Premier Li Qiang chaired a State Council executive meeting on May 21 to study work related to advancing the building of a unified national market, reviewed and approved the "Modernization of Emergency System Construction 15th Five-Year Plan," and discussed the "Law of the People's Republic of China on the People's Bank of China (Revised Draft)." The meeting noted the need to further advance high-standard connectivity of market facilities, smooth economic circulation, and effectively reduce logistics costs across society. (2) US Secretary of State Rubio said on May 21 that the US is engaging with Cuba and hopes to reach an agreement through negotiations, but there has been no substantive progress so far, and the likelihood of reaching an agreement is low. Spot market: On May 22, SMM #1 refined nickel prices fell 700 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, and domestic mainstream brand electrodeposited nickel ranged at -400-500 yuan/mt. Futures market: The most-traded SHFE nickel 2606 contract moved sideways in a narrow range during the morning session, closing at 143,530 yuan/mt, down 0.59%. The most-traded SHFE nickel contract is expected to move sideways within the range of 140,000-150,000 yuan/mt. The downside is supported by bottom cost support from sulfur prices fluctuating at highs; the upside is capped by the dual pressure of continued inventory buildup on both the LME and in China.