SHANGHAI, November 28(SMM) –Overnight, the most-traded SHFE nickel contract opened at 127500 yuan/mt, and closed at 122780 yuan/mt, down 6370 yuan/mt. Trading volume rose 220,000 lots, and open interest increased by 79754 lots. The current nickel price is not very sensitive to macro sentiment, and is mainly subject to fundamentals of refined nickel instead. The current pure nickel oversupply persists. Supply continues to increase, and there is no plan to reduce production for the time being. Although downstream demand has improved during the week, overall demand is still weak. Nickel price is expected to move rangebound and then decline.
![[SMM Nickel Midday Review] Nickel prices rebounded significantly on September 3. US August ADP employment data came in surprisingly weak, slightly cooling bets on a September rate hike.](https://imgqn.smm.cn/usercenter/qLeLR20251217171733.jpg)

![[SMM Análisis diario del sulfato de níquel] El 3 de septiembre, el mercado spot registró escasas operaciones y los precios del sulfato de níquel se mantuvieron estables](https://imgqn.smm.cn/usercenter/Btmsv20251217171733.jpg)
