Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoint The report anticipates that nickel prices will fluctuate weakly. On the macro - level, the US initial jobless claims and continued claims have increased. Fundamentally, the PNBP policy in Indonesia restricts supply and raises costs, while Philippine nickel ore supply is high but with lower grades and domestic nickel ore inventories are lower than the same period last year. Refined nickel production growth is expected to be limited due to slow new project launches and some smelters' loss - induced production cuts. On the demand side, stainless - steel mills' production is expected to rise despite the off - peak season, and new energy vehicles contribute a small demand increment. Both domestic and overseas nickel inventories are increasing. Technically, the increase in positions and falling prices indicate a growing bearish sentiment. It is expected that short - term Shanghai nickel will fluctuate weakly, and attention should be paid to the MA5 pressure [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 115,650 yuan/ton, up 810 yuan; the 12 - 01 month contract spread is - 180 yuan/ton, down 20 yuan. - The LME 3 - month nickel price is 14,645 dollars/ton, down 30 dollars. - The main contract's open interest of Shanghai nickel is 85,012 lots, down 14,670 lots. - The net long position of the top 20 futures holders of Shanghai nickel is - 32,089 lots, down 914 lots. - LME nickel inventory is 257,832 tons, up 138 tons; the Shanghai Futures Exchange nickel inventory is 40,573 tons, up 3,386 tons. - The LME nickel cancelled warrants total 13,632 tons, down 324 tons; the warehouse receipt quantity of Shanghai nickel is 34,631 tons, down 793 tons [3]. 3.2现货市场 - The SMM 1 nickel spot price is 117,600 yuan/ton, up 650 yuan; the average spot price of 1 nickel plate in Yangtze River Non - ferrous is 117,600 yuan/ton, up 550 yuan. - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price is 85 dollars/ton, unchanged. - The average price of battery - grade nickel sulfate is 27,500 yuan/ton, unchanged. - The basis of the NI main contract is 1,950 yuan/ton, down 160 yuan. - The LME nickel (spot/three - month) premium is - 199.86 dollars/ton, up 3.71 dollars [3]. 3.3 Upstream Situation - The monthly import volume of nickel ore is 611.45 million tons, down 23.22 million tons. - The total port inventory of nickel ore is 1,509.49 million tons, up 27.83 million tons. - The average monthly import unit price of nickel ore is 56.72 dollars/ton, down 4.61 dollars. - The含税 price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 dollars/wet ton, unchanged [3]. 3.4 Industry Situation - The monthly electrolytic nickel production is 29,430 tons, up 1,120 tons. - The total monthly nickel - iron production is 2.17 million metal tons, down 0.03 million metal tons. - The monthly import volume of refined nickel and alloys is 28,570.87 tons, up 4,144.03 tons; the monthly import volume of nickel - iron is 108.53 million tons, up 21.12 million tons [3]. 3.5 Downstream Situation - The monthly production of 300 - series stainless steel is 176.27 million tons, up 2.48 million tons. - The total weekly inventory of 300 - series stainless steel is 59.12 million tons, up 2.04 million tons [3]. 3.6 Industry News - In the week ending October 18, the US initial jobless claims totaled 232,000, and the continued claims were 1.957 million, slightly up from the previous week's 1.947 million. - Li Qiang met with Russian President Vladimir Putin, emphasizing China's determination to develop mutually beneficial cooperation with Russia [3].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The report indicates that the nickel market is currently in a state of weak supply and demand. Technically, there is a rebound with reduced volume and positions, testing the MA10 resistance upwards, and it is expected to be in a volatile adjustment. It is recommended to wait and see for now [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai Nickel was 121,570 yuan/ton, a decrease of 1,020 yuan; the 07 - 08 contract spread was -210 yuan/ton, a decrease of 50 yuan [2]. - The price of LME 3 - month nickel was 15,330 US dollars/ton, a decrease of 145 US dollars; the position of the main contract of Shanghai Nickel was 85,713 lots, an increase of 2,167 lots [2]. - The net long position of the top 20 futures holders of Shanghai Nickel was -2,491 lots, a decrease of 3,037 lots; LME nickel inventory was 200,724 tons, a decrease of 900 tons [2]. - The inventory of Shanghai Futures Exchange was 27,075 tons, an increase of 120 tons; the cancelled warrants of LME nickel totaled 29,046 tons, an increase of 684 tons [2]. - The warrant quantity of Shanghai Nickel was 22,251 tons, a decrease of 48 tons [2]. 3.2 Spot Market - The SMM 1 nickel spot price was 123,100 yuan/ton, a decrease of 325 yuan; the average spot price of 1 nickel plate in Yangtze River Non - ferrous was 123,200 yuan/ton, a decrease of 100 yuan [2]. - The CIF (bill of lading) price of Shanghai electrolytic nickel was 100 US dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price was 100 US dollars/ton [2]. - The average price of battery - grade nickel sulfate was 28,500 yuan/ton, unchanged; the basis of the NI main contract was 1,530 yuan/ton, an increase of 695 yuan [2]. - The LME nickel (spot/three - month) premium was -188.53 US dollars/ton, an increase of 12.05 US dollars [2]. 3.3 Upstream Situation - The monthly import volume of nickel ore was 291.41 million tons, an increase of 137.89 million tons; the total port inventory of nickel ore was 725.88 million tons, a decrease of 5.63 million tons [2]. - The average monthly import unit price of nickel ore was 78.86 US dollars/ton, a decrease of 32.99 US dollars; the含税 price of Indonesian laterite nickel ore with 1.8% Ni was 41.71 US dollars/wet ton, unchanged [2]. 3.4 Industry Situation - The monthly output of electrolytic nickel was 29,430 tons, an increase of 1,120 tons; the total monthly output of nickel iron was 2.17 million metal tons, a decrease of 0.11 million metal tons [2]. - The monthly import volume of refined nickel and alloys was 18,746.54 tons, an increase of 10,187.11 tons; the monthly import volume of nickel iron was 81.69 million tons, a decrease of 19.64 million tons [2]. 3.5 Downstream Situation - The monthly output of 300 - series stainless steel was -7.75 million tons; the total weekly inventory of 300 - series stainless steel was 182.43 million tons, a decrease of 2.1 million tons [2]. 3.6 Industry News - US President Trump called on Powell to cut interest rates. The US ADP employment in May increased by 37,000 people, lower than the expected 110,000 and the previous value of 62,000. The recruitment speed in May reached the lowest level since March 2023 [2]. - The Fed's "Beige Book" showed that the US economic activity declined slightly, with enterprises and consumers facing increased policy uncertainty and rising price pressure, and the overall economic outlook was pessimistic [2]. - The China Passenger Car Association reported that the wholesale sales of new energy passenger vehicles in May were 1.24 million, a year - on - year increase of 38% and a month - on - month increase of 9%. The cumulative wholesale from January to May was estimated to be 5.22 million, a year - on - year increase of 41% [2]. 3.7 Key Points of Concern Philippine government plans to implement a nickel ore export ban from June 2025, and the actual progress should be monitored [2].