Group 1 - The main trend of nickel futures is showing a strong fluctuation, with the main contract reaching a peak of 122,900.00 yuan and closing at 122,580.00 yuan, reflecting a 1.15% increase [1] - The market is currently experiencing a short-term range trading strategy, with sufficient raw material guarantees for smelters due to the 2025 RKAB approval quota, despite ongoing policy disturbances [2] - Nickel imports in July remained high, and Indonesia's nickel pig iron supply continued to be robust in August, contributing to a high output of electrolytic nickel [2] Group 2 - The stainless steel production saw a high-level decline in July, with a marginal increase in August, while the demand for sulfate showed signs of improvement [2] - The current inventory of stainless steel is relatively large, indicating a trend towards destocking [2] - The nickel price is viewed as having potential for rebound due to the current low levels, with cost support around 120,000 yuan, and macroeconomic sentiment being relatively positive [3]