节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：3/10
《过剩格局较为明显 镍价重心下移》
从期货市场来看，沪镍主力合约价格出现变动。昨日沪镍主力合约收盘价较之前有所下跌，显示市场价格波动。
在供应端，印尼政府采取了两项重要举措。一方面，暂停镍冶炼项目建设许可，但鉴于当前镍冶炼产能过剩显著，短期内对整体供应影响有限，后续需密切关注镍矿RKAB配额审批的具体数量，因其对供应格局影响深远。另一方面，印尼加大对非法采矿打击力度，这或进一步限制当地镍矿供应量，对镍的整体供应产生潜在影响 。
需求端呈现出不同态势。现货需求相对疲软，下游采购以满足刚需为主，缺乏强劲的需求增长动力。不锈钢需求保持相对稳定，而新能源领域由于三元锂电增长乏力，近期对镍的需求增长缓慢，未能有效拉动ɕ..
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If the RKAB policy adjustment may gradually ease the oversupply in the long run, why is it predicted that the oversupply pattern of nickel will be difficult to change in the short term? And considering the slowdown in new energy demand, will there be any new industries emerging to boost nickel deman…