供给过剩格局不改，价格偏弱运行

Group 1: Nickel Market Analysis - On August 21, 2025, the main contract of Shanghai nickel 2510 opened at 120,010 yuan/ton and closed at 119,830 yuan/ton, down 0.30% from the previous trading day, with a trading volume of 90,715 lots and an open interest of 102,385 lots [1]. - In the night session, the main contract of Shanghai nickel opened at 120,430 yuan/ton, then quickly rose to 121,080 yuan/ton, but then fell under pressure, reaching a minimum of 119,620 yuan/ton and finally closing at 120,060 yuan/ton, down 550 yuan/ton or 0.46%, with a trading volume of 77,982 lots. The daily session opened at 120,010 yuan/ton, fluctuated between 119,780 - 120,590 yuan/ton, and closed at 119,830 yuan/ton, down 360 yuan/ton or 0.30% from the previous settlement price, with an enlarged trading volume of 90,715 lots. The LME nickel price fell to 15,050 US dollars/ton during the daily session, intensifying the bearish sentiment in the domestic market [2]. - Jinchuan Group's sales price in the Shanghai market was 122,300 yuan/ton, up 100 yuan/ton from the previous trading day. The procurement enthusiasm of downstream enterprises slightly improved. The spot premiums of various refined nickel brands were basically stable. Jinchuan nickel's premium changed by 100 yuan/ton to 2,500 yuan/ton, imported nickel's premium changed by 50 yuan/ton to 400 yuan/ton, and nickel beans' premium was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 22,588 (29.0) tons, and LME nickel inventory was 209,598 (252) tons [3]. Strategy - The pattern of oversupply remains unchanged. The production capacity of nickel intermediate products continues to be released, and the price of the ore end is loosening. In the short term, the nickel price will mainly fluctuate and move closer to the cost below. The recommended strategy is mainly range - bound operation for single - side trading, and no operations for inter - period, cross - variety, spot - futures, and options trading [4]. Group 2: Stainless Steel Market Analysis - On August 21, 2025, the main contract of stainless steel 2510 opened at 12,830 yuan/ton and closed at 12,795 yuan/ton, with a trading volume of 99,736 lots and an open interest of 138,810 lots [4]. - In the night session, the main contract of stainless steel opened at 12,870 yuan/ton, rose to 12,895 yuan/ton, then fell under pressure, reaching a minimum of 12,765 yuan/ton and finally closing at 12,820 yuan/ton, down 105 yuan/ton or 0.81%, with a trading volume of 149,736 lots. The daily session opened at 12,830 yuan/ton, fluctuated between 12,785 - 12,860 yuan/ton, and closed at 12,795 yuan/ton, down 35 yuan/ton or 0.27% from the previous settlement price, with an enlarged trading volume of 99,736 lots. The spot market prices in Wuxi and Foshan were 13,050 yuan/ton, and the 304/2B premium was 330 - 530 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by 0.50 yuan/nickel point to 928.0 yuan/nickel point [4][5]. Strategy - Currently in the traditional off - season of consumption, demand is weak, and affected by macro news, it is expected that the stainless steel price will fluctuate weakly in a range in the near future. The recommended strategy is mainly range - bound operation for single - side trading, and no operations for inter - period, cross - variety, spot - futures, and options trading [6].