SMM Morning Comment For Nickel Market On November 30

SHANGHAI, November 30(SMM) – Overnight, the most-traded SHFE nickel contract opened at 129160 yuan/mt, and closed at 131110 yuan/mt, up 1950 yuan/mt. Trading volume rose 13596 lots, and open interest increased by 6610 lots. From a macro perspective, the Federal Reserve continues to be dovish and a number of data reflect the economic decline in the US. Market expectations for the Federal Reserve to cut interest rates have increased, boosting commodities. From a fundamental perspective, the pure nickel surplus is expected to persist. Nickel price is expected to move rangebound.