Group 1 - The main contracts for copper, aluminum, zinc, nickel, tin, lead, stainless steel, and alumina experienced mixed performance, with copper, aluminum, zinc, stainless steel, and alumina showing declines while nickel, tin, and lead recorded slight increases [1] - The closing prices for the main contracts were as follows: copper at 78,620 CNY/ton, aluminum at 20,010 CNY/ton, zinc at 22,225 CNY/ton, nickel at 122,280 CNY/ton, tin at 262,930 CNY/ton, lead at 16,710 CNY/ton, stainless steel at 12,615 CNY/ton, and alumina at 2,898 CNY/ton [1] - International copper main contract closed at 69,980 CNY/ton, reflecting a decrease of 0.34% [1]

Group 1: Report General Information - The report is about nickel, written on May 21, 2025, with a daily review cycle [1] - The researcher is Cao Baiquan with consultation certificate number (Z0019820), and it's a daily report on Shanghai nickel [2] Group 2: Market Data - On May 21, 2025, the opening price of the Shanghai nickel main contract was 123,450 yuan/ton, the highest was 123,800 yuan/ton, the lowest was 122,960 yuan/ton, and the closing price was 123,280 yuan/ton, with a decline of 0.05%. The trading volume was 107,562 lots, and the open interest was 59,648 lots [3] - On May 20, 2025, the People's Bank of China cut the 1 - year and 5 - year LPR by 10 basis points each, while Fed officials stated they prefer only one rate cut this year, and Moody's downgraded the US sovereign credit rating, increasing market risk - aversion [3] - On May 21, 2025, the price of SMM1 electrolytic nickel was 123,400 - 125,650 yuan/ton, with an average price of 124,525 yuan/ton, down 50 yuan/ton from the previous trading day. The mainstream spot premium range of Jinchuan No.1 nickel was 2,000 - 2,200 yuan/ton, with an average premium of 2,100 yuan/ton, down 50 yuan/ton from the previous day. The premium range of Russian nickel was 100 - 300 yuan/ton, with an average premium of 200 yuan/ton, unchanged from the previous day [3] - As of May 20, 2025, the LME nickel inventory was 201,786 tons, down 312 tons from the previous trading day, and the注销仓单占比 was 11.28%. Seasonally, the current inventory is at a relatively high level compared to the past five years [3] Group 3: Core View - Overall, there is an expectation of cost relaxation for nickel, combined with weak spot demand, inventory may re - enter the accumulation cycle, and nickel prices may continue the bearish pattern [4]

Group 1 - The main nickel futures contract in Shanghai has decreased by 2.00%, currently priced at 123,210.00 yuan per ton [1]

商品期货开盘，沪镍主力合约涨超2%，原油、燃料油、沥青、铁矿石涨超1%。沪金、玻璃、BR橡胶跌 超1%。 ...

沪镍主力合约日内涨幅扩大至2.00%，现报126140.00元/吨。 ...