SHANGHAI, January 5 (SMM) –
Overnight, the most-traded SHFE nickel contract opened at 126850 yuan/mt, and closed at 125400 yuan/mt, down 2690 yuan/mt. Trading volume rose 36438 lots, and open interest increased by 11804 lots. From a macro perspective, the Fed's speech last night changed from dove to hawk, and the market's optimistic expectations for 2024 have cooled down. From a fundamental perspective, pure nickel warehouse receipt inventories continued to accumulate yesterday. Nickel price is expected to move rangebound.
Overnight, the most-traded SHFE nickel contract opened at 126850 yuan/mt, and closed at 125400 yuan/mt, down 2690 yuan/mt. Trading volume rose 36438 lots, and open interest increased by 11804 lots. From a macro perspective, the Fed's speech last night changed from dove to hawk, and the market's optimistic expectations for 2024 have cooled down. From a fundamental perspective, pure nickel warehouse receipt inventories continued to accumulate yesterday. Nickel price is expected to move rangebound.
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