SMM Morning Comment For Nickel Market On September 19

SHANGHAI, Sep 19 (SMM) – Overnight, the most-traded SHFE nickel contract opened at 162,100 yuan/mt, and closed at 162,900 yuan/mt, up 100 yuan/mt. Trading volume rose by 32,836 lots, and open interest decreased by 1,942 lots. On the macro front, market participants should pay attention to the Fed’s interest rate decision on September 21, CST. The current market expectation is 5.50%, which is unchanged from the previous value. In terms of fundamentals, affected by the downward trend of SHFE nickel prices, pure nickel spot transactions picked up yesterday. In summary, it is expected that nickel prices may rebound slightly in the future.