节点：中游（冶炼、中间品）位置：中游情绪：利好参考度：5/10
库存高位积累对镍价施压【机构评论】
来源：广州期货 2025-12-15
截至12月12日，沪镍主力合约收盘价115590元/吨，本周镍价下跌1.87%（较12月5日收盘价），主要运行区间为115590-118030元/吨。
原料端方面，印尼镍矿供应现实面宽松，但近日印尼对超出森林许可范围非法运营的矿企处以高额罚款，需关注该政策对镍矿供应的潜在影响。硫酸镍领域，下游三元材料厂家维持刚需采购，对硫酸镍炼企持续压价，硫酸镍价格呈弱势运行态势。
供需层面，11月精炼镍产量虽边际减少ϼ..现货市场成交氛围缺乏起色，库存压力显著。本周中国精炼镍27库社会库存增加1729吨至56707吨，增幅3.14%，其中仓单库存增加486吨至35250吨；LME镍库存减少84吨至253032吨，降幅0.03%。
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