SMM Nickel, July 29:
Macro and Market News:
(1) The US Fed is scheduled to announce its interest rate decision at 2:00 a.m. Beijing time on Thursday, and Fed Chairman Warsh will hold the customary press conference at 2:30 a.m., which the industry regards as the most unpredictable Fed decision.
(2) Iran’s Deputy Foreign Minister said: “We have never asked to negotiate with the US, nor have we proposed a ceasefire to the US.” He also said that Tehran proposed to Oman that Iran would manage one-way shipping traffic on one side of the Strait of Hormuz, while Oman would manage the other side.
Spot Market:
On July 29, SMM #1 refined nickel averaged 131,500 yuan/mt, down 650 yuan/mt from the previous trading day. In terms of spot premiums, Jinchuan #1 refined nickel averaged 1,250 yuan/mt, unchanged from the previous trading day, and mainstream domestic electrodeposited nickel brands traded at a premium range of -400 to 500 yuan/mt.
Futures Market:
The most-traded SHFE nickel contract (2609) plunged in the night session, then gradually rebounded in morning trading to close at 131,660 yuan/mt, up 0.08%.
In the short term, the most-traded SHFE nickel contract (NI2609) is expected to trade within a range of 128,000-135,000 yuan/mt.
