SMM Morning Comment For Nickel Market On December 8

SHANGHAI, December 8 (SMM) –
Overnight, the most-traded SHFE nickel contract opened at 129810 yuan/mt, and closed at 130540 yuan/mt, down 10 yuan/mt. Trading volume fell by 76910 lots, and open interest increased by 19577 lots. From a macro perspective, the ADP employment index in the United States in November recorded 103,000, while the market expected 130,000. The U.S. job market declined sharply, reflecting that the current U.S. market is not as hot as before. This may swing the Fed’s policy decision at its meeting in mid-to-late December. From a fundamental perspective, the recent decline in nickel prices has led to a pickup in spot market transactions. Nickel price is expected to move rangebound, with little upward momentum.