沪镍期货日报-20260206

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View On February 4, 2026, the nickel futures market showed a strong upward trend, and the spot market of nickel sulfate was active. The continuous rise in nickel sulfate prices reflects the strong demand for nickel in the new - energy battery industry chain. Supply - side disturbances and macro - level positives provided support for nickel prices [2][3][5]. 3. Summary by Directory 1. Futures Market On February 4, 2026, the main nickel futures contract (NI.SHF) on the Shanghai Futures Exchange showed a strong upward trend. The opening price was 135,400 yuan/ton, the highest price during the session was 137,770 yuan/ton, the lowest price was 134,500 yuan/ton, and the closing price was 137,680 yuan/ton, up 3.78% from the previous trading day. The trading volume for the day was 481,566 lots, and the open interest was 99,453 lots [2]. 2. Spot Market Basis Analysis On February 4, the price of battery - grade nickel sulfate was reported at 32,850 yuan/ton, flat compared with the previous trading day, but it had a cumulative increase of 12.69% in the past twenty trading days. The price of electroplating - grade nickel sulfate was reported at 32,750 yuan/ton, also flat, with a cumulative increase of 6.5% in the past twenty trading days. The continuous rise in nickel sulfate prices reflects the strong support of the new - energy battery industry chain for nickel demand [3]. 3. Market Dynamics - Supply - side disturbances: The shortage of high - quality nickel, combined with the decline of the US dollar and the heating up of the global critical mineral reserve plan, led to a 2.05% increase in LME nickel overnight, closing at $17,395/ton, providing external support for domestic nickel prices [5]. - Macro - level positives: The domestic central bank increased the volume of reverse repurchase operations, raising expectations of loose liquidity, which was beneficial to the sentiment of the industrial metal market. Abroad, the US dollar fluctuated weakly, and the Fed's policy was under observation [5].