Core Viewpoint - Nickel prices have experienced a significant correction after a period of high-level consolidation, driven by macro liquidity shifts, the fading of geopolitical risk premiums, and visible pressures in the industrial fundamentals [2] Group 1: Market Performance - The Shanghai nickel futures market saw the main contract for February 2602 open at 145,000 yuan/ton, reaching a high of 145,470 yuan/ton and a low of 138,130 yuan/ton, ultimately closing at 138,450 yuan/ton, down 3,130 yuan/ton, a decline of 2.21% [1] - The average price of nickel on January 13 was reported at 146,000 yuan/ton, down 1,300 yuan from the previous day, with the current spot price ranging from 141,250 to 151,250 yuan/ton [1] Group 2: Supply and Demand Dynamics - The supply expectations have loosened, with uncertainty surrounding potential adjustments in production quotas by major exporting countries, leading to a cooling of speculative sentiment based on supply tightening [2] - Global refined nickel production continues to grow, with visible inventories at historical highs, putting direct pressure on prices [2] - Downstream consumption is weak across both traditional and emerging sectors, with stainless steel production declining due to seasonal factors and poor profitability, and the dominance of lithium iron phosphate battery technology squeezing the market share of high-nickel ternary batteries [3] Group 3: Market Outlook - Nickel prices are expected to continue a weak oscillating trend in the short term as high inventory pressures are digested and a new supply-demand balance is sought [4] - Key support levels to monitor include mining cost lines and the actual implementation of policies by major producing countries [4] - The medium to long-term outlook will depend on the robust recovery of demand for high-nickel materials in the new energy sector and whether global inventories can enter a sustained decline [4]