Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-07-17 13:05Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report suggests a short - term wait - and - see approach or a strategy of lightly shorting on price increases. The macro - situation shows that the US PPI in June reached a nearly one - year low, with flat month - on - month growth. The tariff effect has not yet appeared. In terms of fundamentals, the Indonesian government's PNBP policy restricts supply and raises costs, while the supply of Philippine nickel ore is increasing but domestic port inventories are decreasing, leading to a tight raw material situation. On the smelting side, high raw material prices and falling nickel prices are causing losses for some non - integrated smelters, leading to production cuts. On the demand side, stainless steel mills are reducing production due to compressed profits, and the demand for ternary batteries is decreasing despite the rising production and sales of new energy vehicles. Currently, supply and demand are both weak, domestic social inventories are rising significantly, and overseas inventories are accumulating again. Technically, the market is in a range - bound adjustment, and attention should be paid to the MA60 pressure level [3]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 119,880 yuan/ton, down 670 yuan. The 08 - 09 month contract spread is - 160 yuan/ton, down 20 yuan. - The LME 3 - month nickel price is 14,990 US dollars/ton, down 225 US dollars. The main contract position of Shanghai nickel is 53,426 lots, down 702 lots. - The net long position of the top 20 futures holders of Shanghai nickel is - 16,072 lots, down 927 lots. The LME nickel inventory is 207,288 tons, up 708 tons. - The inventory of nickel in the Shanghai Futures Exchange is 25,047 tons (weekly), up 125 tons. The total LME nickel cancelled warrants are 10,038 tons, up 720 tons. - The warehouse receipt quantity of Shanghai nickel is 20,958 tons, down 91 tons [3]. 3.2 Spot Market - The SMM 1 nickel spot price is 120,450 yuan/ton, down 1,650 yuan. The average spot price of 1 nickel plate in the Yangtze River is 120,250 yuan/ton, down 1,750 yuan. - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged. The bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US 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 570 yuan/ton, down 980 yuan. - The LME nickel (spot/3 - month) premium is - 207.51 US dollars/ton, up 3.3 US dollars [3]. 3.3 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 896.49 million tons (weekly), up 24.65 million tons. - The average monthly import price of nickel ore is 73.42 US dollars/ton, down 5.44 US dollars. The tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged [3]. 3.4 Industry Situation - The monthly production of electrolytic nickel is 29,430 tons, up 1,120 tons. The total monthly production of ferronickel 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]. 3.5 Downstream Situation - The monthly production of 300 - series stainless steel is 178.47 million tons, down 3.96 million tons. The total weekly inventory of 300 - series stainless steel is 62.44 million tons, up 1.85 million tons [3]. 3.6 Industry News - The US Bureau of Labor Statistics data shows that the US PPI in June increased by 2.3% year - on - year, significantly lower than the expected 2.5%, the lowest year - on - year increase since September 2024. The month - on - month growth was 0%, lower than the expected 0.2%. - Trump said that the scale and trade volume of the countries receiving tariff letters are not large; the US and India are close to reaching an agreement; an agreement may be reached with the EU, and it is too early to discuss the prospects of the US - Canada agreement. Trump also said he plans to impose "slightly more than 10%" tariffs on at least 100 countries. - Li Qiang said to study the implementation of key policies to strengthen the domestic large - cycle and standardize the competition order of the new energy vehicle industry [3].