SMM Morning Comment For Nickel Market On February 2

Publicado: Feb 2, 2024 09:35
Fuente: SMM
Overnight, the most-traded SHFE nickel contract opened at 127530 yuan/mt, and closed at 126240 yuan/mt, down 750 yuan/mt.
SHANGHAI, February 2 (SMM) – Overnight, the most-traded SHFE nickel contract opened at 127530 yuan/mt, and closed at 126240 yuan/mt, down 750 yuan/mt. Trading volume fell 16855 lots, and open interest increased by 4228 lots. On the macro front, it was announced at the Federal Reserve's interest rate meeting on the evening of February 1st that the interest rate range for February would remain unchanged. Powell said that expectations for an interest rate cut during the year still exist, but there is no possibility of an interest rate cut in the short term. From a fundamental point of view, transaction sentiment in the spot market has cooled down as downstream stocking is about to end. With the arrival of some pure nickel, the supply of pure nickel has increased. Nickel price is expected to swing on a soft note.

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