SMM Morning Comment For Nickel Market (Feb 6)

Published: Feb 6, 2024 09:51

Source: SMM

Save

SHANGHAI, Feb 6 (SMM) – Overnight, the most-traded SHFE nickel contract opened at 126870 yuan/mt, and closed at 124860 yuan/mt, down 1570 yuan/mt.

SHANGHAI, Feb 6 (SMM) – Overnight, the most-traded SHFE nickel contract opened at 126870 yuan/mt, and closed at 124860 yuan/mt, down 1570 yuan/mt. Trading volume rose 70756 lots, and open interest increased by 5982 lots. On the macro front, the Federal Reserve's interest rate meeting announced on the evening of February 1st showed that the interest rate range for February would remain unchanged. Powell said that expectations for an interest rate cut during the year still exist, but there is no possibility of an interest rate cut in the short term. From a fundamental point of view, transaction in the spot market has cooled down as downstream pre-holiday stocking has basically ended. With new arrivals, the supply of pure nickel has increased. Nickel price is expected to swing on a soft note.

Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

8 hours ago

[SMM Stainless Steel Flash] Malaysia Initiates Anti-Dumping Investigation on Cold-Rolled Stainless Steel from Indonesia

Malaysia's Ministry of Investment, Trade and Industry (MITI) formally published a notice in the Federal Government Gazette (P.U.(B) 331) on September 9, 2026, initiating an anti-dumping investigation (Case AD 03/26) into cold-rolled stainless steel products in coils, sheets, or any other form originating or exported from Indonesia, pursuant to Section 20 of the Countervailing and Anti-Dumping Duties Act 1993. The petition was lodged by Bahru Stainless Sdn. Bhd., based in Johor, on behalf of the Malaysian industry. Subject merchandise falls under HS/AHTN codes 7219.31–7219.35, 7219.90, and 7220.20 series. The petitioner alleges significant dumping margins with evidence of injury including increased import volumes, market share loss, price undercutting and depression, reduced sales and capacity utilization, and inventory buildup. All interested parties must submit questionnaire responses and views via the TRIMA system within 30 days of the gazette publication.

8 hours ago

9 hours ago

Data: SHFE, DCE market movement (Sep 09)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 09 Sep , 2026

9 hours ago

10 hours ago

SMM High-Grade NPI Sentiment Stable in September, Bull-Bear Divide Persists

[SMM Nickel Flash] On September 9, the SMM high-grade NPI market sentiment factor stood at 1.74, flat MoM. The upstream sentiment factor for high-grade NPI was 1.83, flat MoM, while the downstream sentiment factor for high-grade NPI was 1.65, also flat MoM. Market divergence between bulls and bears remains significant.

10 hours ago