On October 19th, the opening price of the SS2312 contract today was 14,710 yuan/ton, and the closing price was 14,740 yuan/ton, which was an increase of 25 yuan/ton from the closing price on the previous trading day. Intraday trading was stronger than the previous trading day, with trading volume decreasing by 1,263 lots and open interest increasing by 5,036 lots. It shows that both short and long funds have a strong wait-and-see atmosphere today. Both parties have reduced transactions, positions have increased and prices have risen, indicating that many futures parties have taken the initiative to open positions, and futures prices have risen slightly. The main reason is that today's stainless steel spot trading is relatively weak, and the terminal demand transmission is still not smooth. The spot price rises today, with a premium of 380 to 680 yuan/ton, and futures prices are under pressure to rise. On the macro front, against the background that the range of the Fed's interest rate announcement in September was the same as the previous value, Fed Chairman Powell's speech hinted that the Fed may be prepared to further raise interest rates under appropriate circumstances. Since then, the Federal Reserve has laid off employees for the first time since its expansion and other actions have led to increased market expectations that the Federal Reserve may raise interest rates once in the second half of the year. The market reaction has been that the U.S. dollar continues to strengthen and commodities are under pressure.
Written by SMM Nickel Research, if you have any questions about the nickel market, please don't hesitate to talk with me Fancyli@smm.cn
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