Wedoany.com Report on Mar 13th, SMM Nickel News, March 13th: On the macro and market front, People's Bank of China Governor Pan Gongsheng pointed out at a symposium with economic and financial experts on the 12th: "In the next stage, the People's Bank of China will build a scientific and robust monetary policy framework, continue to effectively implement a moderately loose monetary policy, and strengthen counter-cyclical and cross-cyclical adjustments." This statement may provide support for nickel prices. On the same day, Iran's new Supreme Leader Mojtaba Khamenei stated in his first statement after taking office that all US military bases in the Middle East should be closed immediately, otherwise they will face attacks, and added that the Strait of Hormuz will remain closed. This increases geopolitical uncertainty, which may affect the commodity market.

On the spot market front, on March 13th, the SMM #1 refined nickel price increased by 400 yuan/ton compared to the previous trading day. The average price of Jinchuan #1 refined nickel was 6,650 yuan/ton, a decrease of 100 yuan/ton from the previous trading day; the prices of mainstream Chinese electrodeposited nickel brands ranged from -300 to 400 yuan/ton. In the futures market, the most active Shanghai Futures Exchange nickel contract (2605) climbed above 140,000 yuan/ton during the morning session before experiencing a significant pullback. It closed the morning session at 138,030 yuan/ton, down 0.1%. Recently, the sustained strength of the US dollar has exerted pressure on nickel prices. In the short term, the price of the most active SHFE nickel contract is expected to consolidate sideways within the range of 130,000 to 140,000 yuan/ton.