长江有色：央行释放大量流动性多领域市场共振 26日镍价或上涨

Core Viewpoint - The nickel market is experiencing significant changes driven by policy shifts in Indonesia, impacting global supply dynamics and creating upward pressure on prices [2][3]. Group 1: Market Performance - The overnight Shanghai nickel futures contract closed at 126,800 yuan/ton, reflecting a 1.35% increase [1]. - The main contract for Shanghai nickel opened at 125,790 yuan/ton, up 680 yuan from the previous day's settlement, and reached 127,330 yuan/ton, a rise of 2,220 yuan [2]. Group 2: Supply and Demand Dynamics - Indonesia's tightening of export quotas and new tax policies signal a fundamental shift in the supply-demand balance of the nickel market, moving from a phase of excess supply to one focused on cost and quality [2]. - Despite high global visible inventory levels, the accumulation rate in major consumption areas has slowed, indicating a potential improvement in market balance [2]. Group 3: Industry Outlook - The nickel industry is at a crossroads, facing pressures from high costs, elevated inventory, and weak demand, leading to a challenging environment for all segments of the supply chain [3]. - Major companies are accelerating investments in overseas capacity and recycling projects to mitigate risks, although overall industry performance remains under pressure [3].