节前需求淡季，镍不锈钢弱势震荡

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The nickel and stainless - steel markets are in a weak and volatile state during the pre - holiday demand off - season. For nickel, the short - term trend is weakly volatile due to oversupply, pre - holiday demand slump, and weak macro - sentiment. For stainless steel, it shows a short - term range - bound oscillation due to the game between cost - side support and demand off - season and inventory pressure [1][6] Group 3: Summary by Related Catalogs Nickel Variety Market Analysis - Futures: On February 5, 2026, the Shanghai nickel main contract 2603 opened at 136,810 yuan/ton and closed at 134,430 yuan/ton, a change of - 1.11% from the previous trading day. The trading volume was 582,524 (+100,958) lots, and the open interest was 93,478 (-5,975) lots. It showed a weak and volatile trend of opening high and closing low, with intensified intraday fluctuations. The core drivers were oversupply, pre - holiday demand off - season, and weak macro - sentiment. The strengthening of the US dollar and the overall correction of the non - ferrous sector also increased the downward pressure [1] - Nickel Ore: The nickel ore market showed a differentiated trend. Philippine mine tender prices continued to rise due to strong purchasing demand, while the domestic Chinese market was in a state of full - scale waiting and trading was almost stagnant. In the Philippines, the latest tender price of 1.4% grade nickel ore from the northern mine Eramen was reported to have reached FOB 52 US dollars/wet ton, and 1.3% grade nickel ore in the Tawi - Tawi area was traded at FOB 45 US dollars/wet ton. In Indonesia, the market demand was relatively active, and the CIF receiving price of 1.4% grade nickel ore by Indonesian factories was 61 US dollars/wet ton, and that of 1.3% grade was 54 US dollars/wet ton [2] - Spot: Jinchuan Group's Shanghai market sales price was 144,800 yuan/ton, a decrease of 700 yuan/ton from the previous trading day. Low - price spot resources were mainly traded, and the spot premiums and discounts of various brands of refined nickel were mostly stable. The premium of Jinchuan nickel was 9,400 yuan/ton, the premium of imported nickel was - 100 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 50,464 (2,392) tons, and the LME nickel inventory was 286,074 (-240) tons [3] Strategy - Due to large price fluctuations and the approaching Spring Festival holiday, it is necessary to pay attention to position risks. It is recommended to mainly conduct range operations. However, as the interference in nickel ore supply continues to ferment, there is certain support on the cost side. If the price correction is large, one can consider buying on dips. Unilateral: mainly range operations; Cross - period: none; Cross - variety: none; Spot - futures: none; Options: none [4][7] Stainless Steel Variety Market Analysis - Futures: On February 5, 2026, the stainless steel main contract 2603 opened at 13,815 yuan/ton and closed at 13,810 yuan/ton. The trading volume was 171,143 (-52,886) lots, and the open interest was 53,371 (-4,171) lots. It showed a trend of opening high, oscillating, and slightly rising at the end of the session, with mild intraday fluctuations. The core driver was the game between cost - side support and demand off - season and inventory pressure. In the short term, it was mainly range - bound. The strengthening of the US dollar and the overall correction of the non - ferrous sector also put pressure on the stainless steel price, but it showed certain resistance to decline [4][6] - Spot: As the Spring Festival approached, the trading activity of stainless steel significantly declined, but the quotes were basically stable. The stainless steel price in Wuxi market was 14,100 (+0) yuan/ton, and that in Foshan market was 14,050 (+0) yuan/ton. The 304/2B premium and discount was 410 to 610 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by 7.50 yuan/nickel point to 1,037.5 yuan/nickel point [6] Strategy - Similar to nickel, due to large price fluctuations and the approaching Spring Festival holiday, it is necessary to pay attention to position risks. It is recommended to mainly conduct range operations. However, as the interference in nickel ore supply continues to ferment, there is certain support on the cost side. If the price correction is large, one can consider buying on dips. Unilateral: mainly range operations; Cross - period: none; Cross - variety: none; Spot - futures: none; Options: none [7]