SMM Morning Comment For Nickel Market On September 15

SHANGHAI, Sep 15 (SMM) – Overnight, the most-traded SHFE nickel contract opened at 161,190 yuan/mt, and closed at 162,300 yuan/mt, up 700 yuan/mt. Trading volume rose by 13,749 lots, and open interest decreased by 3,997 lots. The seasonally adjusted CPI annual rate announced by the U.S. Department of Labor at the end of August was 3.7%, higher than the previous market expectation of 3.6% and the previous value of 3.2%. The data reflects that inflation in August rebounded beyond market expectations but core CPI maintained a downward trend. Market expectations for an interest rate hike in September were still low, but expectations for future interest rate cuts were still uncertain. On the whole, negative macroeconomic factors weakened and nickel prices may rebound slightly in the future.