SMM nickel morning comment

Published: Jan 24, 2024 09:57

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On January 23, the most active SHFE nickel contract prices opened at 126520 yuan/mt and closed at 129650 yuan/mt, a gain of 3710 yuan/mt from the closing price of the previous trading day. The trading volume increased by 3186 lots, and open interest decreased by 16307 lots. Bears had a better mentality, while the bullishness was weak. And the price will not rise immediately. At the same time, Indonesian policies have slowed down the approval process of nickel ore quotas, and the market has some concerns about the subsequent supply of nickel ore, pushing nickel prices upward. The Fed's favored inflation indicator was released this week, and traders' expectations for a March interest rate cut have "cooled". In addition, affected by the news of the suspension of production of overseas intermediate products projects, the SHFE nickel prices were driven upward. LME nickel inventory fell slightly 54 mt. It is expected that the nickel price may fluctuate rangebound at highs in the near term.

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