交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢周报（12.29-12.31） 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 12 基本面 二、基本面分析 1、产业链周度价格变化 2、镍矿市场状况分析 3、电解镍市场状况分析 4、镍铁市场状况分析 5、不锈钢市场状况分析 6、新能源汽车产销情况 3 技术分析 4 产业链梳理总结 观点和策略 一、观点和策略 沪镍观点：本周镍价继续大幅上涨，主力多头并没有获利了结，而是在高位做高抛低吸。 近期部分产能减产，供应压力减轻。产业链上，镍矿价格稳定，出船量受天气影响，矿山 看涨意愿强。镍铁价格持续反弹，成本线上升。不锈钢库存回落，短期受镍价影响。精炼 镍库存持续高位，过剩格局不变。新能源汽车产销数据良好，但总体镍需求提振有限。 操作策略： 沪镍主力：镍价强势，空头观望，回到前期箱体再试空。 ...

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢周报（12.22-12.26） 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 观点和策略 2 基本面 3 技术分析 4 产业链梳理总结 一、观点和策略 沪镍观点：本周镍价大幅上涨，印尼配额问题引发原料供应担扰。近期部分产能减产，供 应压力减轻。产业链上，镍矿价格部分小幅回落，海运费下降，矿库存高位，随着雨季来 临矿供应有所减少，矿山挺价。镍铁价格反弹，成本线上升。不锈钢库存回落，短期受镍 价影响。精炼镍库存持续高位，过剩格局不变。新能源汽车产销数据良好，但总体镍需求 提振有限。 操作策略： 沪镍主力：镍价强势，空头观望，回到前期箱体再试空。 不锈钢主力：震荡偏强运行，空头暂等待。 二、基本面分析 1、产业链周度价格变化 2、镍矿市场状况分析 3、电解镍市场状况分析 4、镍铁市场状 ...

力勤资源(2245.HK)延续上涨行情，目前大幅上涨超12%，6日连涨超40%，报22.56港元创逾一个新高，总市值351亿港元。 消息上，印尼镍矿协会日前公布，2026年工作计划与预算(RKAB)中镍矿石产量申请约2.5亿吨，较2025年的3.79亿吨大幅下降。 中金此前指出，力勤资源目前已覆盖镍矿贸易、冶炼生产、设备制造和销售等完整产业链环节。公司在上游与菲律宾、印尼等矿企签订长期贸易和供货协 议，中游印尼OBI岛形成共计40万金属吨镍产能，下游延伸拓展硫酸镍钴等，已形成全面镍产品服务体系。该行认为，公司印尼的湿法产能有望受益，且未 来存在扩张印尼镍产业链布局的潜力，驱动公司业绩和估值抬升。 ...

分时图 日K线 周K线 月K线 18.89 1.49 8.56% 10.00% 6.67% 3.33% 0.00% 3.33% 6.67% 10.00% 15.66 16.24 16.82 17.40 17.98 18.56 19.14 09:30 10:30 12:00/13:00 14:00 16:10 0 9万 19万 28万 力勤资源(02245)再涨超8%，截至发稿，涨8.33%，报18.85港元，成交额5915.67万港元。 力勤资源 消息面上，据报道，印尼镍矿商协会(APNI)透露，2026年工作计划和预算(RKAB)中提出的镍矿石产量 约为2.5亿吨，较2025年RKAB中3.79亿吨的产量目标大幅下降。APNI秘书长梅迪.卡特琳.伦基解释说， 原矿生产计划的设定低于今年，是为了防止镍价进一步下跌。据悉，力勤资源是全球领先的镍龙头企 业，全面覆盖镍产业链。公司从镍矿贸易起家，逐步转型实业，打造镍全产业链公司，目前已覆盖镍矿 贸易、冶炼生产、设备制造和销售等完整产业链环节。 ...

消息面上，据报道，印尼镍矿商协会（APNI）透露，2026年工作计划和预算（RKAB）中提出的镍矿 石产量约为2.5亿吨，较2025年RKAB中3.79亿吨的产量目标大幅下降。APNI秘书长梅迪·卡特琳·伦基解 释说，原矿生产计划的设定低于今年，是为了防止镍价进一步下跌。据悉，力勤资源是全球领先的镍龙 头企业，全面覆盖镍产业链。公司从镍矿贸易起家，逐步转型实业，打造镍全产业链公司，目前已覆盖 镍矿贸易、冶炼生产、设备制造和销售等完整产业链环节。 智通财经APP获悉，力勤资源(02245)再涨超8%，截至发稿，涨8.33%，报18.85港元，成交额5915.67万 港元。 ...

大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢周报（12.1-12.5） 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 观点和策略 2 基本面 3 技术分析 4 产业链梳理总结 一、观点和策略 沪镍观点：本周镍价震荡偏强运行，现货交投一般。近期部分产能减产，供应压力减轻。 产业链上，印尼招标落地，镍矿价格小幅回落，海运费持平，印尼2026年RKAB配额预计 3.19亿吨，预期供应宽松。镍铁价格稳中有小幅下降，成本线有所止跌启稳。不锈钢库存 小幅回落。精炼镍库存持续高位，过剩格局不变。新能源汽车产销数据良好，但总体镍需 求提振有限。 操作策略： 沪镍主力：20均线上下震荡运行，中长线反弹抛空。 不锈钢主力：20均线上下震荡。 二、基本面分析 1、产业链周度价格变化 2、镍矿市场状况分析 3、电解镍市场状况分析 4、镍铁市场状况 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Views of the Report - For Shanghai Nickel 2601, it will fluctuate around the 20 - day moving average. The overall situation is bearish considering fundamentals, inventory, and other factors, although the basis is bullish [2]. - For Stainless Steel 2601, it will have a wide - range fluctuation around the 20 - day moving average. The overall situation is neutral, with the basis being bullish and the inventory and some other factors being neutral or bearish [4]. Group 3: Summary by Relevant Catalogs Nickel and Stainless Steel Price Overview - On November 26, the price of Shanghai Nickel's main contract was 117,260, up 1,100 from the previous day; the price of LME Nickel was 14,845, down 75; the price of Stainless Steel's main contract was 12,455, up 50. Among the spot prices, SMM1 electrolytic nickel was 119,850, up 1,300; 1 Jinchuan nickel was 122,050, up 1,400; 1 imported nickel was 117,800, up 1,100; nickel beans were 119,850, up 1,200. Cold - rolled 304*2B stainless steel prices in different regions were mostly stable or slightly increased [11]. Nickel Warehouse Receipts and Inventory - As of November 21, the Shanghai Futures Exchange's nickel inventory was 39,795 tons, with futures inventory at 33,785 tons, decreasing by 778 tons and 1,242 tons respectively. On November 26, LME nickel inventory was 254,520, up 1,038; Shanghai Nickel's warehouse receipts were 33,944, up 294; the total inventory was 288,464, up 1,332 [13][14]. Stainless Steel Warehouse Receipts and Inventory - On November 21, the inventory in Wuxi was 574,000 tons, in Foshan was 353,400 tons, and the national inventory was 1,071,700 tons, a month - on - month increase of 12,000 tons. Among them, the 300 - series inventory was 658,800 tons, a month - on - month decrease of 12,000 tons. On November 26, the stainless - steel warehouse receipts were 63,765, down 125 [18][19]. Nickel Ore and Ferronickel Prices - On November 26, the price of red - clay nickel ore CIF (Ni1.5%) was 57 US dollars per wet ton, unchanged; the price of red - clay nickel ore CIF (Ni0.9%) was 29 US dollars per wet ton, unchanged. The high - nickel ferronickel (8 - 12) was 885 yuan per nickel point, down 2.5; the low - nickel ferronickel (below 2) was 3,200 yuan per ton, unchanged [21]. Stainless Steel Production Cost - The traditional production cost was 12,476, the scrap - steel production cost was 12,769, and the low - nickel + pure - nickel production cost was 16,274 [23]. Nickel Import Cost Calculation - The converted import price was 118,983 yuan per ton [26].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The nickel price fluctuated weakly this week, facing downward pressure, with continuous increase in short - position of the main contract. In the long - term, the supply of primary nickel is strong, and the surplus pattern remains unchanged. Although the production and sales data of new energy vehicles are good, the overall boost to the nickel market is limited [8]. - The stainless - steel market shows an oversupply situation, with rising inventory and prices under downward pressure [8]. 3. Summary by Directory 3.1 Viewpoints and Strategies - **Nickel Futures**: The main contract of Shanghai nickel is expected to fluctuate weakly, facing downward pressure, with certain support at the previous low [9]. - **Stainless - steel Futures**: The main contract of stainless steel is under downward pressure, running weakly, and testing the support of the previous low [10]. 3.2 Fundamental Analysis 3.2.1 Weekly Price Changes in the Industry Chain - **Nickel Ore**: The prices of red - laterite nickel ore with NI1.5%, Fe30 - 35% and NI1.4%, Fe30 - 35% remained unchanged from last week, with a 0.00% change [13]. - **Electrolytic Nickel**: The prices of Shanghai electrolytic nickel, Shanghai Russian nickel, and Jinchuan's ex - factory price all decreased compared to last week, with declines of - 0.56%, - 1.40%, and - 1.30% respectively [14]. - **Nickel Iron**: The price of low - grade nickel iron in Shandong remained stable, while the price of high - grade nickel iron decreased by - 1.08% [13]. - **Stainless Steel**: The price of 304 stainless steel decreased by - 0.83% compared to last week [14]. 3.2.2 Nickel Ore Market - **Price and Freight**: Nickel ore prices remained stable, and ocean freight was the same as last week [17]. - **Inventory**: As of November 14, 2025, the total nickel ore inventory at 14 ports in China was 15.0949 million wet tons, an increase of 1.88% from the previous period. The inventory of Philippine nickel ore increased by 1.12%, and that of other countries' nickel ore increased by 20.5% [17]. - **Import**: In September 2025, the nickel ore import volume was 6.1145 million tons, a month - on - month decrease of 3.66% and a year - on - year increase of 33.91%. The cumulative import volume from January to September 2025 was 32.2481 million tons, a year - on - year increase of 10.77% [17]. 3.2.3 Electrolytic Nickel Market - **Price and Trading**: Nickel prices were under downward pressure. After the price dropped below 120,000, the wait - and - see sentiment increased, but near the previous low, downstream procurement became more active [26]. - **Supply and Demand**: In the long - term, both supply and demand will continue to increase, but the surplus pattern will not change. The substitution of ternary batteries is becoming more obvious, and the growth of nickel demand is slowing down [27]. - **Production**: In October 2025, China's refined nickel production was 33,345 tons, a month - on - month decrease of 9.38% and a year - on - year increase of 8.09%. The estimated production in November 2025 was 32,710 tons, a month - on - month decrease of 1.90% and a year - on - year decrease of 2.39% [31]. - **Import and Export**: In September 2025, China's refined nickel import volume was 28,367.371 tons, a month - on - month increase of 17.29% and a year - on - year increase of 407.65%. The export volume was 14,112.095 tons, a month - on - month decrease of 6.22% and a year - on - year increase of 36.94% [34]. - **Inventory**: LME inventory decreased by 1,014 tons to 252,090 tons, while SHFE inventory increased by 3,386 tons to 40,573 tons [40]. 3.2.4 Nickel Iron Market - **Price**: The price of low - grade nickel iron remained stable, while the price of high - grade nickel iron decreased [47]. - **Production**: In October 2025, China's nickel pig iron actual production was 22,900 tons of metal, a month - on - month increase of 5.43% and a year - on - year decrease of 8.5% [49]. - **Import**: In September 2025, China's nickel iron import volume was 1.085 million tons, a month - on - month increase of 24.2% and a year - on - year increase of 47.2%. The cumulative import volume from January to September 2025 was 8.353 million tons, a year - on - year increase of 30.3% [52]. - **Inventory**: In October, the tradable inventory of nickel iron was 209,100 physical tons, equivalent to 19,800 tons of nickel [55]. 3.2.5 Stainless - steel Market - **Price**: The average price of 304 stainless steel in four regions decreased by 112.5 yuan/ton compared to last week [62]. - **Production**: In October, the stainless - steel crude - steel production was 3.4267 million tons, with the 300 - series production increasing by 1.43% month - on - month [65]. - **Import and Export**: The latest stainless - steel import volume was 120,300 tons, and the export volume was 418,500 tons [68]. - **Inventory**: As of November 14, the national stainless - steel inventory was 1.071 million tons, a month - on - month increase of 36,500 tons, with the 300 - series inventory increasing by 20,400 tons [71]. 3.2.6 New Energy Vehicle Production and Sales - In October 2025, the production and sales of new energy vehicles were 1.772 million and 1.715 million respectively, a year - on - year increase of 21.1% and 20% respectively. From January to October, the cumulative production and sales were 13.015 million and 12.943 million respectively, a year - on - year increase of 33.1% and 32.7% respectively [75]. 3.3 Technical Analysis - From the daily K - line, the price continued to be under pressure, with a significant increase in positions, and the short - side main force exerted its strength. The MACD indicator showed green bars spreading, indicating a downward trend. The KDJ entered the oversold area, suggesting a possible need for a rebound. Overall, it is expected to run weakly in a volatile manner and test the support of the previous low [81]. 3.4 Comprehensive Summary of the Industrial Chain - **Nickel Ore**: Neutral. The price is stable, and the supply from Indonesia is expected to be abundant, but the supply may slow down due to the approaching rainy season [84]. - **Nickel Iron**: Neutral. The price is stable with a slight decline, and the cost line continues to drop [84]. - **Refined Nickel**: Slightly bearish. The long - term surplus pattern remains unchanged, and the inventory continues to accumulate [84]. - **Stainless Steel**: Slightly bearish. The inventory is rising, and the supply is in excess [84]. - **New Energy**: Slightly bearish. The production data are good, but the substitution of ternary batteries continues [84].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - Last week, SHFE nickel fluctuated, with a weekly decline of 0.95%. The adjustment of tariff measures on US - imported goods and China's October official manufacturing PMI data were released. Domestically, the economy is resilient with rising prosperity in new energy and semiconductors, while overseas uncertainties remain high with a high - probability of future interest rate cuts. [6] - In terms of supply, RKAB approval in 2025 provides sufficient raw materials for smelters, but new policy risks still exist. In September, China's nickel imports were large, nickel - iron production was low in China and high in Indonesia. The operating rate of nickel sulfate enterprises rebounded, and production increased slightly in September. In October 2025, domestic refined nickel production declined from a high level. [6] - Regarding demand, stainless - steel production improved in September and is expected to have a mild rebound in October. Domestic stainless - steel inventory is still high, and the inventory increased after a decrease. In the new - energy industry chain, the market share of ternary batteries is declining, but the output of ternary materials increased significantly from August to September. [6] - In terms of inventory, LME nickel inventory, SHFE inventory, and refined nickel social inventory all increased slightly last week. [6] - In the short term, the RKAB approval in 2025 provides raw material security, but new policy risks remain. Trade disputes affect market sentiment. Fundamentally, imported nickel remains at a high level, inventory is increasing, and Indonesian policies may affect supply but have not had an actual impact yet. Downstream stainless - steel production and inventory have marginally improved, and nickel prices will generally fluctuate within a range. [6] Group 3: Summaries by Directory 1. Week - on - Week Viewpoints and Strategies - Viewpoint: After considering supply, demand, and inventory factors, nickel prices will fluctuate within a range in the short term [6]. - Strategy: Conduct short - term trading on the SHFE nickel 2512 contract and sell out - of - the - money put options. Pay attention to changes in the mining end, stainless - steel production, trade disputes, and Indonesian exports in the future [6]. 2. Industrial Chain Structure - The nickel industrial chain includes nickel ore (laterite nickel ore, sulfide nickel ore), wet - process intermediates, nickel - iron, high - grade nickel matte, nickel sulfate, electrolytic nickel, and their downstream applications in stainless steel, batteries, electroplating, and alloys [8]. 3. Futures and Spot Markets - The report mentions the LME nickel premium and discount and the SHFE electrolytic nickel main - contract basis, but no specific analysis is provided [10]. 4. Supply Side Nickel Ore - In 2024, China's nickel ore imports decreased by 21.7% year - on - year to 36.5763 million tons due to significant nickel - iron production cuts. In August - September 2025, imports increased seasonally, reaching 6.3467 million and 6.1144 million tons respectively [18]. Nickel Pig Iron - In 2024, Indonesia's nickel - iron production was 1.5138 million tons, a 5.9% year - on - year increase. In September 2025, production was 156,500 tons, with a slight month - on - month increase. In 2024, domestic nickel - iron production was 296,400 tons, a 20.9% year - on - year decrease. In September 2025, production was 21,700 tons, with a slight month - on - month decrease and still at a low level [21]. - In August - September 2025, China's nickel - iron imports were 874,000 and 1.085 million tons respectively, showing a significant month - on - month increase. In September 2025, nickel - pig - iron inventory was 19,900 tons, remaining stable [25]. Refined Nickel - With the continuous release of electrowinning nickel capacity, pure - nickel supply expanded in 2024. In October 2025, domestic refined nickel production was 33,240 tons, a decline from a high level. In July - August 2025, the apparent consumption was 29,883.05 and 37,551.45 tons respectively [28]. - In September 2025, China's nickel imports were 2.786 million tons, at a high level, and exports were 170,000 tons, with a slight month - on - month decline [31]. 5. Intermediates Wet - Process Intermediates - In September 2025, Indonesia's MHP production was 41,600 tons, a slight month - on - month decline but still at a historical high [37]. High - Grade Nickel Matte - Indonesia's high - grade nickel matte production growth was relatively pressured this year. In 2024, production was 267,000 tons, an 8.54% year - on - year increase. In August - September 2025, production was 20,300 and 21,300 tons respectively. From the project planning perspective, there will be more planned intermediate - product capacities from 2025 - 2027 [43]. Nickel Sulfate - In September 2025, China's nickel sulfate production was 39,045.4 tons, a month - on - month increase. In August - September 2025, nickel sulfate imports were 30,292 and 29,533 tons respectively [47]. 6. Demand Side Stainless - Steel Demand - In 2024, the release of stainless - steel production capacity was relatively slow. The output of 43 stainless - steel sample enterprises was 38.2582 million tons, a 7.43% year - on - year increase. In September 2025, stainless - steel production was 3.4267 million tons, showing an increase after a decline from a high level. The latest total social inventory of stainless steel was 987,549 tons, with a slight month - on - month increase [52]. Cathode - Material Demand - In terms of power - battery structure, the market share of ternary batteries has shrunk to nearly 20%. Driven by the trade - in policy, the total terminal demand is expected to continue growing in 2025. In September 2025, the production of ternary cathode materials was 75,900 tons, continuing to rebound from a low level [59]. 7. Inventory Side - As of October 31, 2025, the social inventory of refined nickel was 48,746 tons, a slight increase from the previous week [64]. - As of November 5, 2025, LME nickel inventory was 252,750 tons, a slight month - on - month increase. As of November 6, 2025, SHFE inventory was 32,689 tons, a slight month - on - month increase [68].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, nickel prices showed weak performance, with downstream buyers making purchases based on rigid demand and trading volume being average. In the industrial chain, nickel ore prices remained firm, and freight rates also showed a stable - to - rising trend due to the increase in coal prices. Ferronickel prices continued to rise slightly, with the cost line moving up further, but overall, ferronickel enterprises were still in the red. Stainless steel inventories continued to decline, and inventory reduction during the "Golden September and Silver October" period was satisfactory. New energy vehicle production and sales data were good, but the loading of ternary batteries continued to decline, having limited impact on increasing nickel demand. The long - term oversupply situation remains unchanged [8]. - The main contract of Shanghai nickel will fluctuate around the 20 - day moving average, while the main contract of stainless steel will have a wide - range fluctuation around the 20 - day moving average [9][10]. 3. Summary According to the Directory 3.1 Viewpoints and Strategies - **Shanghai Nickel Viewpoint**: This week, nickel prices were weak, downstream demand was based on rigid needs, and trading was average. In the industrial chain, nickel ore prices were firm, freight rates were stable and rising, ferronickel prices rose slightly but enterprises were still losing money, stainless steel inventories decreased, new energy vehicle data was good but ternary battery loading declined, and the long - term oversupply remained [8]. - **Operation Strategy**: The main contract of Shanghai nickel will fluctuate around the 20 - day moving average, and the main contract of stainless steel will have a wide - range fluctuation around the 20 - day moving average [9][10]. 3.2 Fundamental Analysis 3.2.1 Industry Chain Weekly Price Changes - Nickel ore prices remained unchanged this week compared to last week. Battery - grade nickel sulfate prices increased by 0.72%, while electroplating - grade nickel sulfate prices remained flat. Low - grade ferronickel prices remained unchanged, and high - grade ferronickel prices increased by 0.52%. Shanghai electrolytic nickel, Shanghai Russian nickel, and Jinchuan's ex - factory prices all decreased slightly. 304 stainless steel prices increased by 0.72% [13][14]. 3.2.2 Nickel Ore Market Conditions - Nickel ore prices and freight rates remained unchanged from last week. As of September 18, 2025, the total nickel ore inventory at 14 ports in China was 14.0011 million wet tons, an increase of 1.01% from the previous period. In July 2025, nickel ore imports were 5.0058 million tons, a significant increase compared to the previous month and the same period last year. This week, the nickel ore market was mainly in a wait - and - see mode, with prices stable and freight rates firm due to rising coal prices. Indonesian supply remained abundant [17]. 3.2.3 Electrolytic Nickel Market Conditions - This week, nickel prices fluctuated weakly, and downstream buyers made purchases as needed, with overall trading being average. Spot premiums and discounts were slightly adjusted. In the long - term, supply and demand will both increase, but the oversupply situation will not change. Domestic new energy may be a new demand driver, and prices may be under pressure in the long - term but will not deviate far from the cost line, with the center of gravity likely to shift downwards. LME and Shanghai nickel inventories both increased [22][25][38]. 3.2.4 Ferronickel Market Conditions - Ferronickel prices showed a stable - to - rising trend. In August 2025, China's ferronickel production decreased slightly compared to the previous month and the same period last year. In July 2025, ferronickel imports decreased compared to the previous month but increased compared to the same period last year. In August, ferronickel inventories were 218,900 physical tons, equivalent to 21,700 nickel tons [42][45][51]. 3.2.5 Stainless Steel Market Conditions - 304 stainless steel prices increased this week. In August 2025, stainless steel crude steel production was 3.3156 million tons, with the output of the 300 - series increasing by 2.34% compared to the previous month. The latest data showed that stainless steel imports were 73,000 tons and exports were 416,300 tons. As of September 19, stainless steel social inventories decreased compared to the previous period [56][60][66]. 3.2.6 New Energy Vehicle Production and Sales - In August 2025, new energy vehicle production and sales reached 1.391 million and 1.395 million respectively, with significant year - on - year growth. From January to August, production and sales reached 9.625 million and 9.62 million respectively, also showing substantial year - on - year growth. In August, the total output of power and other batteries was 139.6 GWh, with a month - on - month increase of 4.4% and a year - on - year increase of 37.3%. However, the loading of ternary batteries decreased year - on - year [71][74]. 3.3 Technical Analysis - From the daily K - line chart, prices fluctuated around the 20 - day moving average. Open interest decreased as prices declined, indicating some reduction in long positions. The MACD red bar fluctuated slightly above the zero axis, showing a lack of clear direction. The KDJ was at the mid - level, also lacking direction. Prices mainly oscillated within a narrow range [77]. 3.4 Industrial Chain Summary - The impact of different sectors on nickel prices varies: nickel ore has a neutral impact; ferronickel has a neutral impact; refined nickel has a slightly bearish impact; stainless steel has a slightly bullish impact; and the new energy sector has a neutral impact [80]. - Trading strategies suggest that the main contract of Shanghai nickel will oscillate around the 20 - day moving average, and the main contract of stainless steel will have a wide - range oscillation around the 20 - day moving average [82].