镍与不锈钢日评：修复后区间震荡-20251210

Report Summary 1. Report Title and Date - Title: "Nickel and Stainless Steel Daily Report 20251210: Range-bound after Recovery" [1] 2. Investment Ratings - No investment ratings provided in the report. 3. Core Views - Nickel: As of December 9, 2025, the nickel market has a weak fundamental situation with inventory pressure. The Fed's interest - rate cut expectations are fluctuating. After the price recovered from a low level, nickel prices are expected to trade in a range. The recommended trading strategy is to wait and see [2]. - Stainless Steel: On December 9, 2025, the stainless - steel market has a loose fundamental situation. Although the cost side has stabilized, stainless - steel prices are expected to trade in a low - level range. The recommended trading strategy is to wait for short - selling opportunities [2]. 4. Market Data Summary Nickel Market - Futures Prices: On December 9, 2025, the closing prices of Shanghai nickel futures contracts decreased compared to the previous day. For example, the futures near - month contract closed at 116,900 yuan/ton, down 830 yuan/ton [2]. - Volume and Open Interest: The trading volume of Shanghai nickel futures was 102,410 lots, a decrease of 22,103 lots, and the open interest was 107,986 lots, a decrease of 3,599 lots [2]. - Inventory: The Shanghai Futures Exchange nickel inventory was 34,500 tons, and the LME nickel inventory decreased, with registered and注销仓单 changes [2]. - Spot Prices: SMM 1 electrolytic nickel average price was 119,900 yuan/ton, up 150 yuan/ton. The prices of other nickel products also showed different trends [2]. Stainless - Steel Market - Futures Prices: On December 9, 2025, the closing prices of Shanghai stainless - steel futures contracts showed different changes. The futures near - month contract closed at 12,265 yuan/ton, up 35 yuan/ton [2]. - Volume and Open Interest: The trading volume of Shanghai stainless - steel futures was 69,080 lots, a decrease of 32,560 lots, and the open interest was 78,164 lots, a decrease of 7,521 lots [2]. - Inventory: The Shanghai Futures Exchange stainless - steel inventory was 61,556 tons, and the 300 - series stainless - steel social inventory decreased to 620,400 tons [2]. - Spot Prices: The average price of 304/2B coil - cut edge (Wuxi) was 13,200 yuan/ton, and the prices of other stainless - steel products also had some changes [2]. 5. Industry News - As of December 8, 2025, the Indonesian Forestry Task Force (Satgas PKH2) has imposed administrative fines of 38.9 trillion Indonesian rupiah on 71 palm oil and mining companies for illegal occupation of forest land. Mining companies were fined 29.2 trillion Indonesian rupiah (about $1.75 billion). Some penalized mining companies may be nickel - related, but the list is not yet released [2].