外盘高库存继续波动增加 预计节前镍价延续震荡

Core Viewpoint - The domestic nickel futures market is experiencing a downward trend, with the main contract showing weak performance and a decline of 0.86% as of the latest trading session [1]. Group 1: Market Performance - On September 26, the main contract for nickel opened at 121,560.00 CNY/ton and fluctuated between a high of 121,580.00 CNY and a low of 120,730.00 CNY, closing with a decline of 0.86% [1]. - The overall performance of the nickel market is characterized by a weak and fluctuating trend, indicating ongoing pressure from both supply and demand factors [1]. Group 2: Institutional Insights - Xinyi Futures suggests that macroeconomic factors, such as better-than-expected U.S. GDP and employment data, have cooled interest rate cut expectations, while the nickel market continues to face a balance of excess supply and support from mining [1]. - According to Fuzheng Zhongqi Futures, the rebound of the U.S. dollar and the consolidation of copper prices, along with limited actual impact from Indonesian mining disturbances, suggest a continuation of a cautious trading strategy ahead of the holiday [1]. - Zhonghui Futures notes that while there are disturbances in overseas Indonesian nickel mining, domestic refined nickel supply remains high, and there is some seasonal demand expectation in the stainless steel sector, indicating potential for short-term price rebounds [1].