SMM Morning Comment For  Nickel Market On January 17

SHANGHAI, January 17 (SMM) –
Overnight, the most-traded SHFE nickel contract opened at 126680 yuan/mt, and closed at 126850 yuan/mt, down 350 yuan/mt. Trading volume increased by 24792 lots, and open interest decreased by 5248 lots. From a macro perspective, judging from the CPI data released by the Federal Reserve on the evening of January 11, the current core CPI has declined, but the recent strong performance of the US dollar has put pressure on nickel prices. From a fundamental point of view, LME nickel inventory were unchanged yesterday, and the inventory accumulation trend has slowed down in the past two days. Nickel price is expected to inch lower.