建信期货镍日报-20250521

Report Information - Report Title: Nickel Daily Report [1] - Date: May 21, 2025 [2] - Research Team: Nonferrous Metals Research Team, including Yu Feifei, Zhang Ping, and Peng Jinglin [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - Fundamental news is temporarily empty, and nickel prices are running weakly in a narrow range. On the 20th, Shanghai Nickel 2506 closed at 122,870, down 0.83%. The total open interest of the index increased by 13,758 to 172,759 lots. Recently, the prices of related products in the nickel industry chain have weakened, but the decline is still limited. With relatively empty news, nickel prices are running weakly. Wait patiently for low - buying opportunities [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Market Performance: On the 20th, Shanghai Nickel 2506 closed at 122,870, down 0.83%, and the total open interest of the index increased by 13,758 to 172,759 lots. The spot premium remained generally stable, with the Jinchuan premium at 2,150 yuan/ton and the Russian nickel premium at 200 yuan/ton [8]. - Fundamentals: Indonesian nickel ore prices remained strong, with the mainstream premium of domestic trade ore this week still at 26 - 28 US dollars/wet ton. Philippine ore prices declined slightly due to increased shipments and weakened demand but were overall easy to rise and difficult to fall under the support of Indonesian ore prices. London inventory increased again to 202,000 tons, weakening the price support. The price of nickel sulfate remained flat at 27,995 yuan/ton, the ternary demand was weak, and downstream enterprises generally maintained a low - inventory strategy [8]. - Operation Suggestion: Wait patiently for low - buying opportunities [8]. 3.2 Industry News - Indonesian Domestic Trade Ore Benchmark Price: In the second half of May, HMA was 15,415 US dollars/ton, up 366 US dollars/ton. SMM predicted that the HPM benchmark price of Indonesian domestic trade ore (MC35%) in the second half of May would increase for different grades of nickel ore [11]. - Talon Metals: Talon Metals found a high - grade nickel sample in Minnesota, which is part of a 65 - million - dollar exploration plan. The company is conducting a feasibility study and starting the approval process, planning to transport the mined ore to North Dakota for processing [12]. - Global Ferronickel Holdings, Inc. (GFNI): In April 2025, GFNI exported 56,625 wet metric tons of low - grade nickel ore to Indonesia for the first time. The company aims to complete 91 shipments totaling 5 million WMT in 2025, with an expected shipment structure of 53% low - grade and 47% medium - grade ores. It is expected to achieve double - digit revenue growth in 2025 [12]. - Ivanhoe Mining: On May 8, Ivanhoe Mining announced that its subsidiary Ivanplats entered the Flatreef ore body on May 7. The project has completed a certain amount of tunnel construction, and the produced ore will be stored on the surface for the first feeding of the concentrator in the fourth quarter [13].