瑞达期货沪镍产业日报-20250710

Report Industry Investment Rating - Not provided Core View of the Report - The market is currently in a situation of weak supply and demand. Downstream players are purchasing on an as-needed basis, leading to a slight increase in domestic social inventories while overseas inventories remain stable. Technically, there is a reduction in positions and a divergence between long and short positions. It is recommended to wait and see for now [3] Summary by Related Catalogs Futures Market - The closing price of the main futures contract for Shanghai Nickel is 121,140 yuan/ton, up 2,000 yuan; the spread between the 08 - 09 contracts for Shanghai Nickel is -130 yuan/ton, down 40 yuan; the LME 3 - month nickel price is 15,000 dollars/ton, down 15 dollars; the main contract position volume of Shanghai Nickel is 65,815 lots, down 7,104 lots; the net long position of the top 20 futures holders for Shanghai Nickel is -11,996 lots, down 325 lots; the LME nickel inventory is 204,738 tons, up 1,176 tons; the Shanghai Futures Exchange nickel inventory is 24,922 tons, up 204 tons; the LME nickel cancelled warrants total 8,550 tons, up 66 tons; the warrant quantity for Shanghai Nickel is 20,605 tons, down 72 tons [3] Spot Market - The SMM 1 nickel spot price is 120,600 yuan/ton, up 450 yuan; the average spot price of 1 nickel plates from Yangtze River Non - ferrous is 120,700 yuan/ton, up 650 yuan; the Shanghai electrolytic nickel CIF (bill of lading) price is 85 dollars/ton, unchanged; the Shanghai electrolytic nickel bonded warehouse (warehouse receipt) price is 85 dollars/ton, unchanged; the average price of battery - grade nickel sulfate is 27,900 yuan/ton, unchanged; the basis of the NI main contract is -540 yuan/ton, down 1,550 yuan; the LME nickel (spot/three - month) premium is -209.41 dollars/ton, down 1.78 dollars [3] Upstream Situation - The monthly import volume of nickel ore is 392.72 million tons, up 101.31 million tons; the total port inventory of nickel ore is 871.84 million tons, up 112.61 million tons; the average monthly import price of nickel ore is 73.42 dollars/ton, down 5.44 dollars; the含税 price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 dollars/wet ton, unchanged [3] Industry Situation - The monthly electrolytic nickel output is 29,430 tons, up 1,120 tons; the total monthly ferronickel output is 2.39 million metal tons, up 0.22 million metal tons; the monthly import volume of refined nickel and alloys is 17,687.58 tons, down 1,058.97 tons; the monthly import volume of ferronickel is 84.82 million tons, up 3.13 million tons [3] Downstream Situation - The monthly output of 300 - series stainless steel is down 3.96 million tons; the total weekly inventory of 300 - series stainless steel is 178.47 million tons, down 1.35 million tons [3] Industry News - China's CPI in June increased by 0.1% year - on - year, with the core CPI reaching a 14 - month high, and the PPI year - on - year decline widened to 3.6%. Trump announced that starting from August 1, the US will impose tariffs of 20% on Philippine products, 25% on Brunei and Moldova, and 30% on Algeria, Iraq, Libya, and Sri Lanka. The China Association of Automobile Manufacturers reported that the sales volume of new energy vehicles in China increased by 26.7% year - on - year in June [3]