市场清淡，镍不锈钢偏弱震荡运行

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - For the nickel market, due to high inventories and a persistent supply surplus, nickel prices are expected to remain in a low - level oscillation. For the stainless - steel market, with weak demand, high inventories, and a continuous decline in the cost center, stainless - steel prices are also expected to stay in low - level oscillations [1][3][5] 3. Summary by Related Catalogs Nickel Variety Market Analysis - Futures: On December 9, 2025, the main contract of Shanghai nickel 2601 opened at 118,040 yuan/ton and closed at 117,350 yuan/ton, a - 0.58% change from the previous trading day. The trading volume was 102,410 (- 22,103) lots, and the open interest was 107,986 (- 3,599) lots. The price oscillated around the 20 - day moving average and is likely to fluctuate between 116,000 - 120,000 yuan/ton in the short term, with the breakthrough direction depending on the Fed's policy decisions [1] - Nickel Ore: There were occasional inquiries in the nickel ore market but no transactions. The price of nickel ore stabilized. In the Philippines, mines mainly fulfilled previous orders. In Indonesia, the December (first - phase) domestic trade benchmark price dropped by 0.52 - 0.91 dollars/wet ton, and the overall domestic trade price of nickel ore decreased [1] - Spot: Jinchuan Group's Shanghai market sales price was 122,800 yuan/ton, up 100 yuan/ton from the previous day. Spot trading was average, and the spot premiums of refined nickel brands were mostly stable. The previous trading day's Shanghai nickel warehouse receipts were 34,361 (- 139) tons, and LME nickel inventories were 252,528 (- 816) tons [2] Strategy - The strategy for nickel is to mainly conduct range operations for the single - side trading, while there are no suggestions for cross - period, cross - variety, spot - futures, and options trading [3] Stainless - Steel Variety Market Analysis - Futures: On December 9, 2025, the main contract of stainless - steel 2601 opened at 12,510 yuan/ton and closed at 12,500 yuan/ton. The trading volume was 69,080 (- 32,560) lots, and the open interest was 78,164 (- 4,171) lots. It followed the Shanghai nickel trend, with an oscillating downward trend and shrinking trading volume. In the short term, it is likely to fluctuate between 12,400 - 12,600 yuan/ton, and the breakthrough direction depends on the Fed's policy decisions [3] - Spot: With the weakening of the futures market, downstream purchasing enthusiasm was low, and they mainly purchased on - demand. Inventory depletion slowed down. The stainless - steel price in the Wuxi market was 12,800 (+0) yuan/ton, and in the Foshan market was also 12,800 (+0) yuan/ton. The 304/2B premium was 320 - 520 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by 0.50 yuan/nickel point to 886.5 yuan/nickel point [3] Strategy - The single - side strategy for stainless - steel is neutral, and there are no suggestions for cross - period, cross - variety, spot - futures, and options trading [5]