SMM Morning Comment For Nickel Market On November 17

SHANGHAI, November 17 (SMM) –Overnight, the most-traded SHFE nickel contract opened at 139220 yuan/mt, and closed at 138810 yuan/mt, down 410 yuan/mt. Trading volume rose 5586 lots, and open interest increased by 1927 lots. On the macro front, expectations for the Federal Reserve to raise interest rates in December continue to cool down, and the market is optimistic that there will be four interest rate cuts next year. The macro sentiment is good for commodities. 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 rangebound.