SMM Morning Comment For Nickel Market On November 16

SHANGHAI, November 16(SMM) –Overnight, the most-traded SHFE nickel contract opened at 138710 yuan/mt, and closed at 139300 yuan/mt, up 1030 yuan/mt. On the macro front, the United States announced that the annual rate of non-seasonally adjusted CPI in October was 3.2%, which was lower than the previous value and market expectations. This reflects that the current inflation level in the U.S. market has declined, and the market has become optimistic about subsequent Fed monetary policy. From a fundamentals perspective, the trend of pure nickel inventory accumulation remains unchanged, and downstream demand has not yet improved. Yesterday’s spot market transactions were still weak. Nickel price is expected to be rangebound.