Group 1: Report Title and Date - The report is titled "Guoxin Futures Nonferrous (Nickel) Weekly Report" dated July 20, 2025 [3] Group 2: Core View - The market expects the Fed to adjust its monetary policy in the fall, with the US Treasury Secretary suggesting a September rate cut China's manufacturing PMI has been rising for two consecutive months, and consumer goods manufacturing has also increased steadily after the implementation of consumption - promotion policies Although the PPI decline widened in June, prices in some industries are stabilizing and rebounding [36] - Shanghai nickel showed a volatile trend this week. Refined nickel is in a supply - surplus situation. The shortage of nickel ore supply has been alleviated. Nickel sulfate prices are weak, and downstream demand has not improved significantly. Stainless steel is in a weak volatile state, with slow inventory reduction. It is expected that the main contract of Shanghai nickel will operate in the range of 116,000 - 128,000 yuan/ton, and the main contract of stainless steel will operate in the range of 12,300 - 13,000 yuan/ton [36] Group 3: Summary by Directory 1. Market Review - The report may have presented the trends of domestic and foreign main price contracts of nickel futures, but specific text descriptions are not provided, only a price chart from 2020/12/31 to 2025/06/30 is shown [7][8] 2. Fundamental Analysis - **Upstream**: A chart of China's nickel ore port inventory and the monthly import volume of nickel ore sand and concentrates from the Philippines is presented, but no specific text analysis is given [12][13] - **Mid - stream**: Charts of electrolytic nickel prices, nickel sulfate prices, monthly import volume of ferronickel, and the Fubao price of 8 - 12% ferronickel are presented, but no specific text analysis is given [15][16][17][18][19][20] - **Downstream**: Charts of stainless steel prices, stainless steel futures positions, Wuxi stainless steel inventory, power and energy storage battery production, and new energy vehicle production are presented, but no specific text analysis is given [21][22][23][24][25][26][28][29][30][31] 3. Future Outlook - Market expectations for the Fed's interest - rate decisions in July and September are given, with a high probability of maintaining the rate in July and a high probability of a 25 - basis - point cumulative rate cut in September China's manufacturing and consumer goods manufacturing PMIs are rising, while the PPI decline widened in June but some industries' prices are stabilizing [36] - Shanghai nickel is in a volatile trend. Refined nickel has a supply surplus, nickel ore supply is loose, nickel sulfate prices are weak, and stainless steel is in a weak volatile state. The expected operating ranges for Shanghai nickel and stainless steel main contracts are provided [36]