SMM Morning Comment For Nickel Market On November 2

SHANGHAI, November 2 (SMM) –

Overnight, the most-traded SHFE nickel contract opened at 143470 yuan/mt, and closed at 140640 yuan/mt, down 2890 yuan/mt. Trading volume rose 25309 lots, and open interest increased 8859 lots. The US Federal Reserve held interest rates steady at the conclusion of its policy meeting. From a fundamentals perspective, the trend of pure nickel inventory accumulation remains unchanged, and downstream demand has not yet improved. Yesterday’s spot market transactions were still weak. Nickel price is expected to be move rangebound.