Group 1 - The core viewpoint indicates that the refined nickel market is experiencing a supply surplus, with prices showing volatility due to high production levels and weak demand from the stainless steel and battery sectors [1][2] - Refined nickel production remains at high levels in China, despite losses in raw material procurement and integrated high-nickel production, while the MHP project continues to yield high profits [1] - Domestic refined nickel social inventory has decreased to an eight-month low, while overseas LME inventory remains around 200,000 tons, indicating a trend of stable inventory levels [1] Group 2 - Demand for stainless steel is weak, leading to production cuts in steel mills, while the sales growth of new energy vehicles has slowed down, impacting the demand for nickel in battery production [1][2] - The production of nickel sulfate is expected to decline further in June due to reduced demand from ternary precursor enterprises and poor profit margins [1] - The macroeconomic environment remains uncertain, with fluctuating expectations for U.S. interest rate cuts, contributing to overall volatility in the non-ferrous metals market [2]