Report Summary - Report Title: Nickel & Stainless Steel: Correction Nearing End, May Resume Sideways Movement [1] - Research Team: Nanhua New Energy & Precious Metals Research Team [1] - Analysts: Xiayingying, Guanchenghan [1] Industry Investment Rating No industry investment rating information is provided in the report. Core Views - The intraday market continued a sideways and bullish trend. Fundamentally, the decline of ferronickel is nearing its end, but there is a lack of continuous upward momentum. Given the tariff situation, short - term trading is recommended. [3] Detailed Summaries Nickel Futures - The predicted price range of SHFE nickel is 118,000 - 128,000 yuan/ton, with the current volatility (20 - day rolling) at 32.75% and the historical percentile of the current volatility at 66.9%. [2] - Inventory management strategies include shorting SHFE nickel futures based on inventory levels to lock in profits and hedge against spot price declines, shorting call options, and buying far - month SHFE nickel contracts according to the production plan to lock in production costs. [2] - Procurement management strategies include shorting put options and buying out - of - the - money call options according to the procurement plan. [2] - The latest values and changes of SHFE nickel main - continuous, consecutive contracts, LME nickel 3M, trading volume, open interest, warrant quantity, and basis of the main contract are presented. [4][6] Stainless Steel Futures - The latest values and changes of stainless steel main - continuous, consecutive contracts, trading volume, open interest, warrant quantity, and basis of the main contract are presented. [7] Nickel Industry Inventory - The latest values and changes of domestic social inventory, LME nickel inventory, stainless steel social inventory, and nickel pig iron inventory are presented. [8] Other Data - There are also multiple charts showing trends of nickel and stainless steel futures prices, spot prices, production profit margins, and price premiums, etc. [10][12][14][16][19][21][22]