SMM Morning Comment For Nickel Market (Feb 8)

SHANGHAI, Feb 8 (SMM) – Overnight, the most-traded SHFE nickel contract opened at 123860 yuan/mt, and closed at 124050 yuan/mt, down 910 yuan/mt. Trading volume fell 25935 lots, and open interest decreased by 2623 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. Spot nickel market was quiet as the Chinese New Year holidays are just around the corner. Nickel price is expected to swing on a soft note.