Nickel Market Update - October 28th

Nickel Market Update - October 28th,2025

On October 28th, nickel prices saw a notable decline, while inventories reached a record high. Below is a summary of the latest developments from SMM Nickel News:

**Macro and Market News:**

1. On October 27th, Wang Yi, a member of the Political Bureau of the Communist Party of China Central Committee and Foreign Minister, spoke with US Secretary of State Rubio. Wang emphasized that both nations should fully implement the consensus reached by their leaders, uphold principles of equality, respect, and mutual benefit, and resolve conflicts through dialogue rather than pressure. Rubio acknowledged the significance of the US-China relationship and expressed hope for positive global signals through high-level interactions.

2. During the listing ceremony for newly registered enterprises on the Science and Technology Innovation Board, Li Chao, Vice Chairman of the China Securities Regulatory Commission, highlighted the Commission's commitment to planning strategic tasks for the capital market during the "15th Five-Year Plan." He stressed the importance of risk prevention, strong supervision, and promoting high-quality development, while also focusing on comprehensive reforms in capital market investment and financing to enhance the market's inclusiveness, adaptability, and competitiveness.

**Spot Market:**

On October 28th, the price of SMM1 # electrolytic nickel ranged from 120,700 to 123,600 yuan/ton, averaging 122,150 yuan/ton, a decrease of 900 yuan/ton from the previous trading day. The mainstream spot premium for Jinchuan 1 # electrolytic nickel was between 2,200 and 2,400 yuan/ton, with an average premium of 2,300 yuan/ton, down 150 yuan/ton from the prior day. The spot premium for domestic mainstream brand nickel electroplating ranged from -300 to 100 yuan/ton. Monthly price fluctuations have led to a decrease in both premium and discount rates.

**Futures Market:**

The main contract for Shanghai nickel (2512) opened lower and closed down 0.87% in the evening session. By noon on October 28th, it maintained weak volatility, closing at 121,150 yuan/ton, a decrease of 0.96%. The market anticipates a 97.3% probability of the Federal Reserve cutting interest rates in October, alongside positive developments in US-China economic and trade negotiations.