In July 2024, the national production of nickel sulphate was 27,800 mt in metal content and 126,200 mt in physical volume, down 9% MoM and 29.7% YoY.

Overnight, the most-traded SHFE nickel contract opened at 137,260 yuan/mt, and closed at 135,240 yuan/mt, down 1,180 yuan/mt.

Overnight, the most-traded SHFE nickel contract opened at 135,500 yuan/mt, and closed at 136,620 yuan/mt, down 450 yuan/mt.

**Nickel Morning Meeting Minutes on February 21st** **SMM News on February 20th:** On February 20th, the main contract for Shanghai nickel opened at 126,850 yuan/ton and closed at 126,570 yuan/ton, an increase of 670 yuan/ton compared to the previous trading day's closing price. Trading within the day was stronger compared to the previous trading day, with a volume increase of 45,503 lots and a decrease in open interest of 3,811 lots. This combination indicates that the bears actively closed positions, but trading volume increased. If this phenomenon occurs at the bottom, the characteristic often seen on the market surface is a slight upward trend because the price has fallen to the bottom, the bearish sentiment is relatively good, and the bullish sentiment is weak, and the price will not immediately rise.

Overnight, the most-traded SHFE nickel contract opened at 127,750 yuan/mt, and closed at 125,940 yuan/mt, down 2,010 yuan/mt.

LME copper prices opened at $8327.5/mt and closed at $8337.5/mt in overnight trading, a gain of 0.34%, with the low-end of $8318.5/mt and the high-end of $8384/mt.

Overnight, the most-traded SHFE nickel contract opened at 161,500 yuan/mt, and closed at 163,540 yuan/mt, up 1,870 yuan/mt.

Discounts of pure nickel over nickel sulphate have been shifted to large premiums since the extreme price move of nickel in 2022.