SHANGHAI, October 31(SMM) –Overnight, the most-traded SHFE nickel contract opened at 146750 yuan/mt, and closed at 146470 yuan/mt, up 510 yuan/mt. Trading volume rose 61080 lots, and open interest increased by 49311 lots. On the macro front, the current market expectations for US interest rate hike in November continue to cool down, and the U.S. dollar index has remained high recently. We need to pay attention to the Federal Reserve’s interest rate decision this Thursday. From a fundamental perspective, the trend of pure nickel inventory accumulation remains unchanged, downstream demand has not yet improved, and spot market transactions were still weak yesterday. Nickel price is expected to move rangebound.
![[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)
