Group 1: Report Summary - The Shanghai Nickel main contract showed an overall volatile and upward trend, closing at 124,360 yuan/ton, while the stainless steel main contract also trended upward, closing at 13,030 yuan/ton [2]. - In the spot market, Jinchuan Nickel maintained a premium, battery - grade nickel sulfate had an average price of 27,280 yuan/ton, and the profit margins of nickel - stainless steel products showed different trends [2]. Group 2: Core Logic - The Shanghai Nickel futures price was strong during the week but retreated on Friday night due to factors such as anti - involution price guidance. The cost support of nickel - iron has been adjusted [3]. - The supply of nickel ore is expected to be loose. The rainfall in the main mining areas in the Philippines has improved, and the nickel ore benchmark price in Indonesia has declined [3]. - The price of nickel sulfate remained stable, and the downstream demand for new - energy nickel salts was weak. The price of nickel - iron continued to decline, and the bottom support of nickel - stainless steel strengthened [3]. - The cost support of stainless steel increased, and the market sentiment was boosted by the production cuts of leading manufacturers. However, the market transactions were mainly in a wait - and - see state [3]. Group 3: Market Outlook - The nickel - stainless steel market is expected to fluctuate in the range of 118,000 - 126,000 yuan for nickel and 12,500 - 13,100 yuan for stainless steel [3]. Group 4: Market Data Nickel Futures - The latest price of the Shanghai Nickel main contract was 124,360 yuan/ton, with a weekly increase of 830 yuan and a weekly increase rate of 0.67% [4]. - The trading volume increased by 51.98% week - on - week, and the open interest increased by 178.0% [4]. Stainless Steel Futures - The latest price of the stainless steel main contract was 13,030 yuan/ton, with a weekly increase of 100 yuan and a weekly increase rate of 1% [5]. - The trading volume increased by 4.36% week - on - week, and the open interest increased by 0.56% [5]. Nickel Spot - The price of Jinchuan Nickel was 125,650 yuan/ton, with no daily change [6]. Nickel Industry Inventory - The domestic social inventory of nickel was 40,281 tons, a decrease of 57 tons compared to the previous period [7]. - The LME nickel inventory was 203,922 tons, a decrease of 534 tons [7]. Stainless Steel Inventory - The stainless steel social inventory was 967,400 tons, a decrease of 15,300 tons [7].