SMM Morning Comment For Nickel Market On October 26

Published: Oct 26, 2023 10:00

Source: SMM

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Overnight, the most-traded SHFE nickel contract opened at 146500 yuan/mt, and closed at 147900 yuan/mt, up 340 yuan/mt.

SHANGHAI, October 26(SMM) –

Overnight, the most-traded SHFE nickel contract opened at 146500 yuan/mt, and closed at 147900 yuan/mt, up 340 yuan/mt. Trading volume fell by 36248 lots, and open interest decreased by 7877 lots. On the macro side, the dovish speeches of Federal Reserve officials have been frequent. The expectation for the Federal Reserve to raise interest rates has continued to cool down. Market expects that the probability of an unchanged rate range in November and December rose to 89.6% and 70.5%. Demand in spot market declined yesterday. Nickel price is expected to rebound slightly.

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