SMM Morning Comment For Nickel Market On September 4

SHANGHAI, Sep 4 (SMM) – The most traded SHFE nickel contract opened at 164,410 yuan/mt at the night session on September 1, an increase of 3,360 yuan/mt from the previous trading day. The trading volume increased by 11,469 lots and the open interest decreased by 507 lots. It shows that the longs also left the market in large numbers when the shorts made profits, and the price may fall soon. Last Thursday night, the US announced 228,000 initial jobless claims for the week ending August 26, lower than the predicted and previous values. The data tentatively indicates that the current US job market is still resilient, and attention also should be paid to the non-farm payrolls data. In the fundamentals, last Friday’s spot market transactions were still depressed overall, and downstream demand was generally weak. In summary, nickel prices may fluctuate in the future.