[SMM Nickel Morning Meeting Minutes] Iran says Hormuz will not open due to U.S. pressure, the most-traded SHFE nickel contract plummeted in early trading.

[7.2 Morning Meeting Minutes] Iran claims the Strait of Hormuz will not reopen under US pressure; meanwhile, according to foreign media reports, Iran has secretly ordered the Houthis to blockade the Bab el-Mandeb Strait if the US attacks power facilities. The most-traded SHFE nickel 2609 contract plunged sharply in early trading, closing the morning session at 129,450 yuan/mt, down 1.14%. Bullish macro, policy, and cost-side factors, combined with strengthening technicals, give nickel prices rebound momentum, but weak demand and high inventories continue to cap the upside room. In the short term, the most-traded SHFE nickel contract is expected to trade in the range of 127,000-133,000 yuan/mt.

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