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SMM Morning Comment For Nickel Market On November 21

iconNov 21, 2023 09:51
Source:SMM
Overnight, the most-traded SHFE nickel contract opened at 135780 yuan/mt, and closed at 134950 yuan/mt, down 1340 yuan/mt.

SHANGHAI, November 21(SMM) –Overnight, the most-traded SHFE nickel contract opened at 135780 yuan/mt, and closed at 134950 yuan/mt, down 1340 yuan/mt. Trading volume fell by 31042 lots, and open interest decreased by 3730 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 positive for commodities. From a fundamentals perspective, pure nickel inventory fell slightly over this weekend. Yesterday’s spot market transactions were still weak. Nickel price is expected to be rangebound

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