国信期货有色（镍）周报：弱势震荡，下行有限-20251109

Group 1: Report Title and Date - The report is titled "Guoxin Futures Non - Ferrous (Nickel) Weekly Report" dated November 9, 2025 [3] Group 2: Table of Contents - The report includes three main parts: Market Review, Fundamental Analysis, and Future Outlook [4] Group 3: Market Review - This section focuses on the price trend of the nickel futures主力合约 [6] Group 4: Fundamental Analysis - Upstream: It shows the inventory of Chinese nickel ore at ports [10] - Midstream: Covers the prices of electrolytic nickel, nickel sulfate, the monthly import volume of ferronickel, and the price of 8 - 12% ferronickel from Fubao [13][15][18] - Downstream: Analyzes the price, futures positions, and inventory of stainless steel, as well as the production of power and energy - storage batteries and new - energy vehicles [20][28][30] Group 5: Future Outlook - In the US, on the 29th local time, the Federal Reserve cut interest rates by 25 basis points, setting the federal funds rate target range at 3.75% - 4%. The probability of a 25 - basis - point rate cut in December is 74.7%, and the probability of keeping rates unchanged is 25.3%. In China, the September manufacturing PMI was 49.8%, up 0.4 percentage points from the previous month [35] - The nickel futures in Shanghai showed a weak and volatile trend this week. The premium and discount of refined nickel brands were stable with average trading. Due to the rainy season in the Philippines and the impact of Typhoon "Seagull", supply was affected, while the Indonesian nickel ore market supply was relatively loose. The price of nickel sulfate was firm due to increased downstream ternary sales, but its medium - term strength remains to be seen. Stainless steel mills were cautious in raw material procurement, with weak terminal demand and slow inventory reduction. The expected operating range of the Shanghai nickel主力合约 is approximately 117,000 - 126,000 yuan/ton, and that of the stainless steel主力合约 is about 12,200 - 13,100 yuan/ton [35]