SHANGHAI, January 11 (SMM) – Overnight, the most-traded SHFE nickel contract opened at 125110 yuan/mt, and closed at 124920 yuan/mt, down 830 yuan/mt. Trading volume fell by 37275 lots, and open interest decreased by 1847 lots. From a macro perspective, we still need to pay attention to the U.S. non-seasonally adjusted CPI annual rate for December and the U.S. interest rate meeting on February 1. This will be the first interest rate meeting in 2024. From a fundamental perspective, pure nickel warrants were destocked slightly yesterday, with decline mainly contributed by Kaohsiung. Nickel price is expected to inch lower.
![[SMM Analysis] Permintaan Pembelian Eksternal Hilir Lemah; Harga Garam Nikel Turun Minggu Ini](https://imgqn.smm.cn/usercenter/KFwsY20251217171734.jpg)
![[SMM Tinjauan Tengah Hari Nikel] Harga nikel rebound signifikan pada 3 September. Data ketenagakerjaan ADP AS Agustus dirilis mengejutkan lemah, sedikit meredakan ekspektasi kenaikan suku bunga pada September.](https://imgqn.smm.cn/usercenter/qLeLR20251217171733.jpg)

