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![[SMM Nickel Midday Commentary] On April 2, nickel prices fluctuated downward, and Trump unilaterally claimed an overwhelming victory in the war against Iran](https://static.metal.com/price.metal.com/3.1.17/image/news-default.png)
In North China today, spot prices for #1 copper cathode against the front-month contract were reported at an average discount of 100 yuan/mt, down 10 yuan/mt from the previous trading day, while the average transaction price was 95,910 yuan/mt, down 915 yuan/mt from the previous trading day.
Demand Growth Was Limited This Week, Total Inventory Continued to Decline Slowly
As of now, the FOB price of nickel in Indonesian MHP was $15,383/mt Ni, and the FOB price of cobalt in Indonesian MHP was $51,364/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 86.5-87.5, and the payable indicator for cobalt element in MHP (against SMM refined cobalt (Rotterdam warehouse)) was 94. The FOB price of Indonesian high-grade nickel matte was $15,666/mt Ni.
[China’s Aluminum Ingot Inventory Continues to Build Up, Aluminum Prices Remain in a High-Level Consolidation Pattern ]Overall, the geopolitical situation in the Middle East remained the core factor affecting the global aluminum market. A series of production cuts and damage incidents at Middle Eastern aluminum plants is expected to provide strong upward momentum for aluminum prices in and outside China, coupled with support from expectations of a gradual release of peak-season demand in China. In the short term, aluminum prices are expected to remain in a high-level consolidation pattern.
