SHFE 2308 nickel contract opened at 172,740 yuan/mt at the night session on July 31, and closed at 174,700 yuan/mt, up 2,790 yuan/mt. Trading volume fell by 20,397 lots, and open interest decreased by 10,363 lots.
On the macro level, SHFE nickel fluctuated upwards yesterday due to the impact of multiple policies at the Politburo meeting. In terms of fundamentals, the continuous decline in spot premiums mainly resulted from the successive arrivals of overseas nickel plates. However, according to SMM research, because of the upward fluctuation of nickel prices, even if the spot premiums have been lowered, the absolute price is still high, and the downstream purchase willingness is low while some downstream factories still have nickel plate inventory, causing weak spot market transactions. Overall, it is expected that nickel prices may fluctuate wildly in the future.
![[SMM revue de midi sur le nickel] Les prix du nickel ont fortement rebondi le 3 septembre. Les données ADP sur l'emploi américain d'août ont été étonnamment faibles, refroidissant légèrement les paris sur une hausse des taux en septembre.](https://imgqn.smm.cn/usercenter/qLeLR20251217171733.jpg)
![[SMM Revue quotidienne du sulfate de nickel] Le marché au comptant est atone le 3 septembre, les prix du sulfate de nickel sont stables](https://imgqn.smm.cn/usercenter/Btmsv20251217171733.jpg)
