SMM Nickel November 13 News:
Macro and Market News:
(1) The US House of Representatives voted to pass a funding bill that allocates funds to the food assistance program that was suspended during the shutdown, pays back wages to hundreds of thousands of federal employees, and restores normal operations of the air traffic control system. After the bill was passed by the House with a vote of 222 to 209, the record 43-day US federal government shutdown is expected to officially end.
(2) White House Press Secretary Levitt stated that due to the government shutdown, key economic reports for October may not be released at all.
Spot Market:
On November 13, the SMM #1 refined nickel price was 118,600-122,700 yuan/mt, with an average price of 120,650 yuan/mt, up 200 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 3,700-3,900 yuan/mt, with an average premium of 3,800 yuan/mt, up 100 yuan/mt from the previous trading day. The spot premiums and discounts quotation range for mainstream domestic electrodeposited nickel brands was -100-400 yuan/mt. Spot premiums continued to strengthen.
Futures Market:
The most-traded SHFE nickel contract (2512) fluctuated rangebound during the night session, opened lower in the morning session and then edged up slightly. As of the midday close, it was quoted at 118,890 yuan/mt, down 0.01%.
Despite positive factors from a macro perspective, such as the US government restart, nickel prices’ own weak performance made it difficult for them to fully benefit from the overall market optimism. Nickel prices are expected to remain weak in the short term, with a reference price range of 118,000-122,000 yuan/mt.
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM’s internal database model, for reference only and do not constitute decision-making recommendations.
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