SMM Morning Comment For Nickel Market On December 15

Overnight, the most-traded SHFE nickel contract opened at 130000 yuan/mt, and closed at 132130 yuan/mt, down 1400 yuan/mt. Trading volume fell by 59919 lots, and open interest decreased by 10897 lots. From a macro perspective, the Federal Reserve announced that the interest rate range will remain unchanged in December, and the market expects the Federal Reserve to hint at three interest rate cuts next year. From a fundamental point of view, due to the sharp decline in nickel sulphate prices and the recent sideways movement of SHFE nickel prices, the production of pure nickel from nickel sulphate has generated profits again, and the supply of pure nickel may increase in December.