SMM Morning Comment For Nickel Market On January 30

SHANGHAI, January 30 (SMM) –
Overnight, the most-traded SHFE nickel contract opened at 131200 yuan/mt, and closed at 132350 yuan/mt, down 1120 yuan/mt. Trading volume fell by 21090 lots, and open interest decreased by 3451 lots. On the other hand, the inflation indicator favored by the Federal Reserve was released on Friday, and market expectations for a March interest rate cut have "cooled". In addition, the Bank of Japan stated that it will continue to maintain ultra-loose monetary policy. From a fundamental point of view, spot nickel price followed futures prices up, and the transaction sentiment in the spot market has cooled down. With the arrival of some pure nickel, the supply of pure nickel has increased. Nickel price is expected to swing on a soft note.