镍：宏观情绪转弱 镍价重心回落

Core Viewpoint - The non-ferrous metal sector experienced a collective decline, with nickel prices dropping significantly due to macroeconomic factors and weak fundamentals [1] Group 1: Market Performance - On February 2, 2026, nickel prices fell by 11%, hitting the daily limit down, with spot nickel priced at 140,400 yuan per ton, reflecting a 5.05% decrease from the previous Thursday [1] - The decline in nickel prices is attributed to a combination of macroeconomic fund withdrawal and weak market fundamentals [1] Group 2: Economic Factors - The nomination of a new Federal Reserve chairman by Trump has alleviated market concerns regarding the independence of the Federal Reserve, leading to a stronger dollar and a general withdrawal of funds from the market [1] - Domestic refined nickel production in January increased month-on-month, but end-user purchasing remained cautious due to the seasonal consumption slowdown [1] Group 3: Inventory and Future Outlook - Nickel inventories on the LME and the Shanghai Futures Exchange exceeded 280,000 tons and 40,000 tons, respectively [1] - Despite the short-term pressure from macroeconomic sentiment, there are still expectations of tightened nickel ore quotas in Indonesia, suggesting potential for a rebound in the future [1]