SMM Morning Comment For Nickel Market On November 10

SHANGHAI, November 10(SMM) –Overnight, the most-traded SHFE nickel contract opened at 140330 yuan/mt, and closed at 142270 yuan/mt, up 1030 yuan/mt. Trading volume increased by 66625 lots, and open interest decreased by 10669 lots. On the macro front, Fed Chairman Powell urged Fed economists to be flexible in their forecasting methods and did not comment on monetary policy or the economic outlook in his speech. In Europe, Bank of England Governor Bailey said it was too early to discuss interest rate cuts. The next inflation number is expected to be considerably lower. From a fundamentals perspective, the trend of pure nickel inventory accumulation remains unchanged, and downstream demand has not yet improved. Yesterday’s spot market transactions were still weak. However, due to the positive macro sentiment, it is expected that nickel prices may rebound slightly in the future.