SHFE nickel, aluminium futures drop, copper edges up on week

Stock image for referential purposes only

By the close of Friday's daytime trading session, the most-traded June nickel contract had fallen by 2.1 per cent on the week to RMB 143,330 per tonne (USD 21,072 per tonne). In comparison, aluminium and copper futures contracts, both for June delivery, posted more modest changes. The most-traded aluminium contract slipped by 0.3 per cent from a week earlier to RMB 24,360 per tonne, while the most-traded copper contract rose slightly by 0.2 per cent on the week to RMB 104,710 per tonne. 

Explore: The most comprehensive and forward-looking industry-focused report — Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Report 

The marked decline in nickel futures was largely associated with easing concerns about potential supply disruptions in Indonesia, the world's largest nickel-producing country, market analysts said.

Earlier in the week, Indonesia's Minister of Energy and Mineral Resources had announced that the government had delayed plans to lift mining royalties and impose new export taxes on minerals, including nickel, until an "ideal solution" could be found to balance the interests of the state and mining companies, as Mysteel Global had reported. 

To look for buying or selling leads of aluminium ingot A7, visit our B2B marketplace.

The announcement helped alleviate market concerns over rises in production and export costs of nickel in the country, which in turn weighed on sentiment in SHFE's nickel futures.

At the same time, changes in stocks of the three metals in SHFE-registered and bonded warehouses also varied during the week. As of May 15, nickel inventories had climbed by 11.4 per cent from a week earlier to 79,889 tonnes, while aluminium stocks had increased by 3.3 per cent to 508,876 tonnes. In contrast, those of copper had edged down by 0.4 per cent on week to 180,643 tonnes. 

Note: This news is published under a content and exchange agreement with Mysteel

Learn more about the price trends and market dynamics of China from leading industrial voices on Aluminium China: 2025 & Beyond