SMM Morning Comment For Nickel Market On August 18

SHANGHAI, Aug 18 (SMM) –

SHFE 2309 nickel contract opened at 163,200 yuan/mt at the night session on August 17, and closed at 164,960 yuan/mt, down 2,660 yuan/mt. Trading volume rose by 2,047 lots, and open interest decreased by 8,097 lots.

On the fundamentals, daily spot market transactions were still weak. Since the upstream was eager to ship at lower premiums. Domestic brands represented by Jinchuan nickel saw an acceptable transaction situation, but the recent trading volume of Norilsk nickel continued to be depressed. Overall, it is expected that the subsequent nickel price will be volatile.