来源：市场资讯 （来源：要钢网） 全球头号镍生产国印尼，计划在 2026 年削减三分之一的镍产量，以防镍价进一步下跌。 据媒体周三援引印尼镍矿商协会（APNI）消息，印尼政府在其《2026 年工作计划与预算》中提议，将 镍产量较今年总量削减 34%，降至明年的 2.5 亿吨。 印尼镍矿商协会秘书长迈迪・卡特琳・伦基向媒体表示，该减产目标属于政府层面的规划，最终落地细 节尚未明确。 ——印尼镍矿品位持续下滑 加拿大镍业公司首席执行官马克・塞尔比本月在伦敦举行的《北方矿工》国际金属研讨会上指出，印尼 此番调控产量，原因在于该国镍矿品位不断下降。 他表示："印尼即将给镍市场注入一剂强心针。由于镍矿品位和矿质持续走低，印尼不得不从菲律宾进 口镍矿。这种情形，无异于沙特阿拉伯从伊朗或伊拉克进口石油。镍矿供应绝非无限，印尼将会抓住这 一窗口期，推动镍价回升至每吨 1.8 万至 2 万美元区间。" 不过，蒙特利尔银行资本市场分析师海伦・阿莫斯预测，若印尼大幅下调产量目标且矿企严格执行减产 指令，明年全球镍市场过剩量或将收窄至 24 万吨。 ——供应过剩压力犹存 与此同时，阿莫斯指出，全球最大镍生产商 —— 俄罗斯诺里尔斯克 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The current contradiction between "strong expectation" and "weak reality" in the market is prominent. With the cooling of market risk appetite on the macro - front, nickel surplus and high LME inventories suppress the upside space. It is expected that the nickel price will maintain a weak and narrow - range oscillating trend [8] 3. Summary According to the Table of Contents 3.1 Market Overview and Market Review 3.1.1 Overall Market Performance on the Day - On September 10, 2025, the non - ferrous metal sector in the domestic futures market showed a mixed trend. The main contract 2510 of Shanghai nickel opened at 120,500 yuan/ton, with the highest reaching 120,940 yuan/ton and the lowest hitting 120,150 yuan/ton. It closed at 120,850 yuan/ton with a trading volume of 75,006 lots and a trading value of 9.038 billion yuan. The market trading was rather light [2] 3.1.2 Futures Market Data | Contract Name | Closing Price | Change | Increase/Decrease (%) | Trading Volume | Amplitude (%) | Open Interest | Daily Increase in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Nickel 2510 | 12,085 | - 90 | - 0.07 | 75,006 | 0.65 | 81,612 | 775 | | Shanghai Nickel 2511 | 12,099 | - 120 | - 0.10 | 28,058 | 0.62 | 66,233 | 3,807 | [5] 3.1.3 Spot Market Data - On September 10, the average spot price of electrolytic nickel was 121,550 yuan/ton; the average spot price of Jinchuan nickel was 122,650 yuan/ton; the average spot price of imported nickel was 120,750 yuan/ton. The average transaction prices all decreased by 350 yuan/ton compared with the previous day [6] 3.2 Analysis of Influencing Factors 3.2.1 News - Sino - US economic data are in a confrontation. China's CPI and PPI both declined in August, indicating economic growth pressure, while the US PPI and CPI are about to reveal the "interest - rate card". The metal market is under pressure and oscillating with the ebb of risk appetite, and funds are waiting for the next storm point [6] 3.2.2 Supply - The global nickel market continues to face the pressure of oversupply. The supply of nickel intermediate products from Indonesia and ore from the Philippines is abundant, and the new domestic refined nickel production capacity is steadily released, jointly creating the main supply pressure. As of September 10, LME nickel inventories continued to rise, increasing by 3,024 tons to 221,094 tons; the Shanghai nickel futures inventory was 22,304 tons, decreasing by 295 tons from the previous trading day but still remaining at a high level [6] 3.2.3 Demand - The demand side is weak. The stainless - steel market has light trading, and the downstream purchasing willingness is low. The new - energy field has a rigid demand for high - purity nickel sulfate, but the demand from industries such as electroplating and alloys is still insufficient [7]