SMM Morning Comment For Nickel Market On September 14

SHANGHAI, Sep 14(SMM) – Overnight, the most-traded SHFE nickel contract opened at 162,990 yuan/mt, and closed at 161,600 yuan/mt, down 4,280 yuan/mt. Trading volume dropped by 41,924 lots, and open interest decreased by 1,046 lots. On the macro front, we still need to pay attention to the US August CPI data to be released on night. The current market expectation is 3.6%, which is higher than the previous value of 3.2%, reflecting that the market is now expecting the Federal Reserve to raise interest rates and thus putting pressure on nickel prices. Looking at the spot market, yesterday's nickel prices plunged in the afternoon. With the National Day holiday approaching, some downstream buyers have begun to stock up. Nickel price is expected to be volatile.