节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：10/10
供应扰动减弱 镍价反弹承压【机构评论】
近期镍价呈现反弹承压态势，不锈钢价格再度回落。宏观层面，海外美联储年末降息预期持续强化，对金属板块形成一定支撑，但产业端供应扰动有所减弱，成为制约镍价上行的核心因素之一。
镍市场方面，印尼能源与矿产资源部计划下调2026年镍产量目标，部分冶炼厂亦传出减产计划，未来供应收缩预期有所升温。不过当前库存压力仍存：LME镍库存攀升至高位，国内纯镍社会库存同样处于相对充裕水平..
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