Report Summary 1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core View of the Report - The report predicts that Shanghai nickel will experience short - term shock adjustments and suggests paying attention to the MA30 pressure. The US "small non - farm" ADP has recovered, and the Fed has "ample room" to cut interest rates. In terms of fundamentals, the import volume of nickel ore is in a downward trend, but the potential variables of Indonesia's RKAB approval and possible export policy changes have limited actual impact on supply in the near term. The supply of the pure nickel market is under great pressure, while the demand side shows positive trends, and both domestic and overseas nickel inventories are increasing [3][4]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai nickel was 117,090 yuan/ton, a decrease of 260 yuan; the 01 - 02 contract spread was - 150 yuan/ton, an increase of 120 yuan; the LME 3 - month nickel price was 14,750 US dollars/ton, a decrease of 135 US dollars; the main contract position of Shanghai nickel was 102,583 lots, a decrease of 5,403 lots; the net long position of the top 20 futures holders was - 21,430 lots, an increase of 4,631 lots. The LME nickel inventory was 252,528 tons, a decrease of 816 tons; the Shanghai Futures Exchange nickel inventory was 42,508 tons, an increase of 1,726 tons; the LME nickel cancelled warrants were 9,054 tons, a decrease of 882 tons; the warehouse receipt quantity of Shanghai nickel was 34,235 tons, a decrease of 126 tons [3]. 现货市场 - The SMM 1 nickel spot price was 119,150 yuan/ton, a decrease of 1,200 yuan; the average spot price of 1 nickel plate in Yangtze River Non - ferrous was 119,050 yuan/ton, a decrease of 1,400 yuan; the CIF (bill of lading) price of Shanghai electrolytic nickel was 85 US dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price was 85 US dollars/ton, unchanged; the average price of battery - grade nickel sulfate was 27,550 yuan/ton, unchanged; the basis of the NI main contract was 2,060 yuan/ton, a decrease of 940 yuan; the LME nickel (spot/three - month) premium was - 190.46 US dollars/ton, an increase of 1.9 US dollars [3]. Upstream Situation - The monthly import volume of nickel ore was 468.28 million tons, a decrease of 143.17 million tons; the total port inventory of nickel ore was 1,469.71 million tons, a decrease of 17.62 million tons; the average monthly import unit price of nickel ore was 57.33 US dollars/ton, an increase of 0.61 US dollars; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni was 41.71 US dollars/wet - ton, unchanged [3]. Industry Situation - The monthly output of electrolytic nickel was 29,430 tons, an increase of 1,120 tons; the total monthly output of ferronickel was 2.29 million metal tons, an increase of 0.12 million metal tons; the monthly import volume of refined nickel and alloys was 9,939.65 tons, a decrease of 18,631.22 tons; the monthly import volume of ferronickel was 90.51 million tons, a decrease of 18.02 million tons [3]. Downstream Situation - The monthly output of 300 - series stainless steel was 180 million tons, an increase of 3.73 million tons; the total weekly inventory of 300 - series stainless steel was 58.53 million tons, a decrease of 1.23 million tons [3]. Industry News - The US "small non - farm" ADP has recovered, with an average weekly increase of 4,750 private - sector jobs, ending four consecutive weeks of job losses. The Fed's employment - related indicators, such as the JOLTS job openings in October, have risen to a five - month high, but recruitment has decreased and lay - offs have reached a two - year high. The Bank of Japan governor hinted at future interest rate hikes. Trump mentioned the Fed chair selection and possible tariff adjustments. Hasset said the Fed has "ample room" to cut interest rates by more than 25 basis points [3]. Viewpoint Summary - In the macro - aspect, the US economic data shows certain trends. In the fundamental aspect, the import of nickel ore from the Philippines has decreased due to the rainy season. The supply of the pure nickel market is under pressure, with high production in Indonesia and new domestic and Indonesian refined nickel projects being put into operation. On the demand side, the profit of stainless - steel mills has improved, and the production of new - energy vehicles has increased, bringing positive demand. Both domestic and overseas nickel inventories are increasing, and the market is mainly purchasing on demand with rising spot premiums. Technically, the position is stable while the price is adjusting, and there are differences between long and short positions [3]. Key Focus - There is no news today [3].