Core Views Bullish Factors - China's economy shows resilience, and the semiconductor boom boosts nickel demand [3]. - New policies for electric vehicles encourage vehicle registration and usage, stimulating nickel consumption [3]. Bearish Factors - High inventories of LME nickel and SHFE nickel limit the upside potential of nickel prices [3]. - Limited fundamental changes and price drops indicate market pressure [3]. Trading Advisory View - Short - term macro sentiment is rising, supporting nickel prices to fluctuate with a slight upward bias [3]. Market Data Nickel Futures - The latest price of SHFE nickel main contract is 120,940 yuan/ton, down 1,640 yuan (-1.34%) week - on - week [4]. - The latest price of SHFE nickel continuous contract 1 is 121,110 yuan/ton, down 870 yuan (-0.71%) week - on - week [4]. - The latest price of SHFE nickel continuous contract 2 is 121,340 yuan/ton, down 820 yuan (-0.67%) week - on - week [4]. - The latest price of SHFE nickel continuous contract 3 is 121,480 yuan/ton, down 820 yuan (-0.67%) week - on - week [4]. - The latest price of LME nickel 3M is 15,445 dollars/ton, up 225 dollars week - on - week [4]. Stainless Steel Futures - The latest price of stainless steel main contract is 12,875 yuan/ton, down 195 yuan (-1%) week - on - week [4]. - The latest price of stainless steel continuous contract 1 is 12,875 yuan/ton, up 15 yuan (0.12%) week - on - week [4]. - The latest price of stainless steel continuous contract 2 is 12,925 yuan/ton, down 25 yuan (-0.19%) week - on - week [4]. - The latest price of stainless steel continuous contract 3 is 12,990 yuan/ton, up 5 yuan (0.04%) week - on - week [4]. Other Data - The position volume is 55,044 lots, down 15,566 lots (-22.1%) week - on - week [4]. - The trading volume is 81,612 lots, down 21,067 lots (-20.52%) week - on - week [4]. - The warehouse receipt quantity is 25,866 tons, up 2,337 tons (9.93%) week - on - week [4]. - The basis of the main contract is 10 yuan/ton, down 920 yuan (-101.10%) week - on - week [4]. Spot Prices - The latest price of Jinchuan nickel is 123,800 yuan/ton, down 100 yuan (-0.08%) [4]. - The latest price of imported nickel is 121,900 yuan/ton, down 100 yuan (-0.08%) [4]. - The latest price of 1 electrolytic nickel is 122,700 yuan/ton, down 100 yuan (-0.08%) [4]. - The latest price of nickel beans is 124,050 yuan/ton, down 100 yuan (-0.08%) [4]. - The latest price of electrowon nickel is 121,700 yuan/ton, down 50 yuan (-0.04%) [4]. Inventory Data - Domestic social inventory is 41,055 tons, up 1,125 tons [4]. - LME nickel inventory is 228,450 tons, down 18 tons [6]. - Stainless steel social inventory is 897.2 tons, down 5.4 tons [6]. - Nickel pig iron inventory is 28,652 tons, down 614.5 tons [6]. Charts and Information Nickel Market - There are charts showing the price trends of SHFE nickel futures main contract, LME nickel (3 - month) electronic - trading price, nickel spot average price, and nickel supply and inventory data including China's refined nickel monthly output, total domestic primary nickel supply, domestic social inventory, LME nickel inventory, Philippine laterite nickel ore price, Chinese port nickel ore inventory, Chinese and Indonesian nickel pig iron output [7][8][11][12][13][14][15][16][17][18][19][20][21]. Downstream of Nickel - There are charts about downstream products of nickel such as battery - grade nickel sulfate price, premium, production profit margins of nickel beans producing nickel sulfate and electrowon nickel from externally - purchased nickel sulfate, China's nickel sulfate monthly output, and ternary precursor monthly production capacity [22][23][24][25][26][27]. Stainless Steel Market - There are charts presenting the price trend of stainless steel futures main contract, stainless steel inventory, 304 stainless steel cold - rolled coil profit margin, and stainless steel monthly output [9][10][30][31][32].