【Summary of Morning Meeting on April 24】Last week, nickel prices continued the volatile pattern seen since mid-April. The average price of SMM1# refined nickel last week was 126,850 yuan/mt, up slightly by 0.5% WoW. LME nickel futures prices fluctuated rangebound around $15,600-15,800/mt. Expectations for US Fed interest rate hikes in June increased, putting pressure on LME nickel prices denominated in US dollars. Risk-averse sentiment among investors was pronounced, and the tug-of-war between longs and shorts in the market intensified.

Some smelters also purchase small amount of nickel ore from the Philippines at a price much higher than the benchmark price of domestic trade.