SHANGHAI, February 2 (SMM) – Overnight, the most-traded SHFE nickel contract opened at 127530 yuan/mt, and closed at 126240 yuan/mt, down 750 yuan/mt. Trading volume fell 16855 lots, and open interest increased by 4228 lots. On the macro front, it was announced at the Federal Reserve's interest rate meeting on the evening of February 1st that the interest rate range for February would remain unchanged. Powell said that expectations for an interest rate cut during the year still exist, but there is no possibility of an interest rate cut in the short term. From a fundamental point of view, transaction sentiment in the spot market has cooled down as downstream stocking is about to end. With the arrival of some pure nickel, the supply of pure nickel has increased. Nickel price is expected to swing on a soft note.
![[SMM Analysis] Faible demande d'achat externe en aval ; les prix des sels de nickel ont baissé cette semaine](https://imgqn.smm.cn/usercenter/KFwsY20251217171734.jpg)
![[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)

