[SMM Nickel Morning Meeting Summary] BOJ Keeps Rates Unchanged with Hawkish Stance, Most-Traded SHFE Nickel Contract Opens Lower Then Rebounds
[11.3 Morning Meeting Minutes] The Bank of Japan kept rates unchanged but turned more hawkish. On October 30, it voted 8:1 to hold the policy rate at 1.25% (board member Hajime Takata's proposal to hike to 1.5% was rejected), raised inflation expectations, hinted that a rate hike remains possible within the year, and announced that starting January 2027 it will increase the annual pace of ETF reductions from about 330 billion yen to about 860 billion yen, making the exit from ultra-loose policy clear. The most-traded SHFE nickel 2612 contract opened lower and rebounded in early trading, closing the morning session at 116,800 yuan/mt, down 0.50%. Last Friday, gold hit a one-year low, global risk appetite plunged, and nickel's own high inventory and weak demand remained unchanged. Macro and fundamental factors exerted dual pressure. The upcoming US midterm elections and whether nickel production cuts materialize remain the core internal and external variables. In the short term, the most-traded SHFE nickel contract is expected to trade in a range of 116,000-119,000 yuan/mt.
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![[SMM Nickel Morning Meeting Summary] BOJ Keeps Rates Unchanged with Hawkish Stance, Most-Traded SHFE Nickel Contract Opens Lower Then Rebounds](https://imgqn.smm.cn/usercenter/PFIti20251217171734.jpg)
