SMM Morning Comment For Nickel Market On September 28

SHANGHAI, Sep 28 (SMM) – Overnight, the most-traded SHFE nickel contract opened at 154,800 yuan/mt, and closed at 149,990 yuan/mt, down 5210 yuan/mt. Trading volume rose by 32,493 lots, and open interest increased by 11,973 lots. On the macro front, market attention should be paid to the data of the US unemployment benefits application number, which reflects the current activity of the US job market and thereby affects market expectations for subsequent interest rate hikes by the Fed. In the fundamentals, yesterday’s spot market transactions were muted as some enterprises have begun the upcoming holidays in advance. In summary, it is expected that nickel prices may continue to fluctuate in the future.