SMM Morning Comment For Nickel Market On October 31

SHANGHAI, October 31(SMM) –Overnight, the most-traded SHFE nickel contract opened at 146750 yuan/mt, and closed at 146470 yuan/mt, up 510 yuan/mt. Trading volume rose 61080 lots, and open interest increased by 49311 lots. On the macro front, the current market expectations for US interest rate hike in November continue to cool down, and the U.S. dollar index has remained high recently. We need to pay attention to the Federal Reserve’s interest rate decision this Thursday. From a fundamental perspective, the trend of pure nickel inventory accumulation remains unchanged, downstream demand has not yet improved, and spot market transactions were still weak yesterday. Nickel price is expected to move rangebound.