SMM Morning Comment For Nickel Market On October 17

SHANGHAI, Oct 17(SMM) – Overnight, the most-traded SHFE nickel contract opened at 151,820 yuan/mt, and closed at 152,380 yuan/mt, up 1,160 yuan/mt. Trading volume rose by 34,398 lots, and open interest decreased by 338 lots.

On the macro front, CME Group’s Fed Watch Tool showed that the market expected the probability of the Federal Reserve maintaining current interest rates in November to be 85.7%, but current US inflation had not yet reached the ideal level. In the fundamentals, the demand for domestic electrowinning nickel remained stable and the purchase amount of Jinchuan nickel plate was acceptable. Norilsk nickel transactions in spot market were sluggish and demand dropped. In summary, it is expected that nickel prices will continue to rebound slightly in the future.