Overnight, the most-traded SHFE nickel contract opened at 123,300 yuan/mt, and closed at 124,450 yuan/mt, up 910 yuan/mt. Trading volume rose 9329 lots, and open interest increased by 7,082 lots. From a macro perspective, the Fed's speech last night changed from dovish to hawkish, and the market expectations for interest rate cuts in 2024 have cooled down. From a fundamentals perspective, pure nickel warehouse receipt inventory continued to accumulate yesterday, with LME inventory accumulating 360 mt. In summary, it is expected that nickel prices may continue to fluctuate in a narrow range in the future.
![[Análisis de SMM] La demanda de compras externas downstream es débil; los precios de las sales de níquel cayeron esta semana](https://imgqn.smm.cn/usercenter/KFwsY20251217171734.jpg)
![[SMM Análisis de mediodía del níquel] Los precios del níquel repuntaron significativamente el 3 de septiembre. Los datos de empleo ADP de EE. UU. de agosto resultaron sorprendentemente débiles, lo que enfrió ligeramente las apuestas sobre una subida de tipos en septiembre.](https://imgqn.smm.cn/usercenter/qLeLR20251217171733.jpg)

