沪镍期货日报-20260305

Group 1: Report Overview - The report is a daily report on the nickel market, dated March 2, 2026 [1] Group 2: Futures Market - The main nickel futures contract (NI.SHF) on the Shanghai Futures Exchange showed a volatile upward trend. The opening price was 141,550 yuan/ton, the highest price reached 141,550 yuan/ton, the lowest price dropped to 138,020 yuan/ton, and the closing price was 140,890 yuan/ton, up 1.09% from the previous trading day [2] Group 3: Spot Market Basis Analysis - On March 2, 2026, the average spot price of Chinese nickel plates (Grade 1) was 141,760 yuan/ton, and the spot price of imported nickel (Grade 1) was 20,157.32 US dollars/ton. The closing price of the Shanghai nickel main contract was 140,890 yuan/ton, and the spot nickel plate price was 141,760 yuan/ton. The futures price was slightly lower than the spot price, with a basis of 870 yuan/ton, indicating that the spot market was slightly stronger than the futures market [3] Group 4: Market Dynamics - Upstream supply: The topic of production cuts in Southeast Asia remains a focus. Indonesia's largest nickel mine has been told to cut production, which may affect global nickel supply expectations [4] - Downstream demand: The new energy battery sector is active. Solid-state batteries are regarded as having an industrialization window period from 2025 - 2027, which may boost nickel demand in the long term [4] Group 5: Market Outlook - In the past month, nickel prices have shown a volatile upward trend since mid - February. Today's closing price held above the integer mark, and in the short term, it may continue to rebound with fluctuations. Fundamentally, there is a multi - empty game between the expected production cuts of Indonesian nickel mines and the growth of new energy battery demand. In the future, attention should be paid to stainless steel consumption data and new energy industry chain policy trends [6]